San Francisco ($78/sqft, 31.5% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: San Francisco on talent depth and Singapore on rent and tax.
San Francisco ($78/sqft, 31.5% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: San Francisco on talent depth and Singapore on rent and tax.
| Metric | San Francisco | Singapore |
|---|---|---|
| Region | Americas | APAC |
| Country | United States | Singapore |
| Class A rent (USD/sqft/yr) | $78 | $102 |
| Class A rent (local) | 78 USD | 138 SGD |
| Vacancy | 31.5% | 5.4% |
| Trend | rising | rising |
| Prime yield | 6.5% | 3.6% |
| Premium flex / seat / month (USD) | $1,280 | $1,180 |
| Submarkets covered | 6 | 6 |
| Corporate tax | 27% | 17% |
| Metric | San Francisco | Singapore |
|---|---|---|
| Typical term | 7 yrs | 4 yrs |
| Typical rent-free | 22 mos | 6 mos |
| Lease norms | Modified-gross with operating-expense escalations over a base year. Rent-free of 18-30 months on a 10-year term is current market for trophy assets in lease-up. TI of $150-$220/sqft is achievable. Termination options at year 5 are increasingly negotiable. | Singapore leases are typically 3-5 years, gross-rent based with the landlord covering most operating expenses inside the rent. Rent-free of 4-9 months on a 5-year term is standard. Rent reviews on renewal are open-market. Bank guarantees of 3-6 months are routine. Reinstatement at lease-end is contractual and usually significant — budget for it. |
| Tax note | Combined federal + California corporate tax effectively reaches 27%. San Francisco gross receipts tax applies to most occupiers; payroll tax is now phased out. | Headline corporate tax of 17%, with a partial tax exemption for the first SGD 200,000 of chargeable income. A network of double-tax treaties and the Singapore Variable Capital Company (VCC) regime make Singapore particularly attractive for fund managers and family offices. |
| Metric | San Francisco | Singapore |
|---|---|---|
| Talent index (0–100) | 98 | 92 |
| Talent note | Deepest AI/ML and senior software engineering talent pool globally. Average all-in compensation indexes 98 vs. New York's 100. | Premium APAC talent hub. Average all-in compensation indexes 92 vs. New York's 100. |
San Francisco: BART, Muni, Caltrain, and the new Salesforce Transit Center anchor commute infrastructure. The Central Subway extension to Chinatown completed in 2023.
Singapore: The MRT network reaches every CBD address. Changi Airport is 20 minutes by MRT or taxi. Jurong Region Line and Cross Island Line expansions are extending the catchment.
San Francisco is the cheaper Class A market on a USD basis.
San Francisco has the deeper talent index (98/100 vs 92/100).
Singapore has the lower headline corporate tax (17% vs 27%). Local incentives can change the effective rate materially.
San Francisco typical term is 7 years with 22 months free; Singapore runs 4 years with 6 months free.
San Francisco: BART, Muni, Caltrain, and the new Salesforce Transit Center anchor commute infrastructure. The Central Subway extension to Chinatown completed in 2023. Singapore: The MRT network reaches every CBD address. Changi Airport is 20 minutes by MRT or taxi. Jurong Region Line and Cross Island Line expansions are extending the catchment.
Score San Francisco, Singapore and up to two more markets side-by-side on Class A rent, vacancy, talent, corporate tax, and premium flex pricing — all in USD.
Reviewed by Miriam Hollander — Lead market analyst. Last updated 2026-04-15. See our methodology and editorial standards.