San Francisco ($78/sqft, 31.5% vacancy) and Vancouver ($39/sqft, 11.2% vacancy) compete on different axes: San Francisco on talent depth and Vancouver on rent and tax.
San Francisco ($78/sqft, 31.5% vacancy) and Vancouver ($39/sqft, 11.2% vacancy) compete on different axes: San Francisco on talent depth and Vancouver on rent and tax.
| Metric | San Francisco | Vancouver |
|---|---|---|
| Region | Americas | Americas |
| Country | United States | Canada |
| Class A rent (USD/sqft/yr) | $78 | $39 |
| Class A rent (local) | 78 USD | 52 CAD |
| Vacancy | 31.5% | 11.2% |
| Trend | rising | flat |
| Prime yield | 6.5% | 5.2% |
| Premium flex / seat / month (USD) | $1,280 | $720 |
| Submarkets covered | 6 | 5 |
| Corporate tax | 27% | 27% |
| Metric | San Francisco | Vancouver |
|---|---|---|
| Typical term | 7 yrs | 10 yrs |
| Typical rent-free | 22 mos | 10 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. | Net leases dominate (tenant pays opex, taxes, insurance separately). 10-year terms standard. Free rent of 8-12 months and TI of C$60-$110/sqft typical on a 10-year Class A deal. |
| 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. | 15% federal plus 12% British Columbia general corporate income tax for a combined rate of 27%. Vancouver Empty Homes Tax does not apply to commercial; provincial Property Transfer Tax applies on acquisitions. |
| Metric | San Francisco | Vancouver |
|---|---|---|
| Talent index (0–100) | 98 | 84 |
| Talent note | Deepest AI/ML and senior software engineering talent pool globally. Average all-in compensation indexes 98 vs. New York's 100. | Deep tech, film and visual effects, mining, and real estate services talent. Strong feed from UBC, SFU, and the BCIT system. Cost-of-living premium versus Toronto and US Pacific Northwest is a meaningful tenant consideration. |
San Francisco: BART, Muni, Caltrain, and the new Salesforce Transit Center anchor commute infrastructure. The Central Subway extension to Chinatown completed in 2023.
Vancouver: TransLink SkyTrain (Expo, Millennium, Canada Lines) plus SeaBus to North Vancouver and West Coast Express commuter rail. Downtown is highly walkable and SkyTrain-served.
Vancouver is the cheaper Class A market on a USD basis.
San Francisco has the deeper talent index (98/100 vs 84/100).
Tax rates are tied.
San Francisco typical term is 7 years with 22 months free; Vancouver runs 10 years with 10 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. Vancouver: TransLink SkyTrain (Expo, Millennium, Canada Lines) plus SeaBus to North Vancouver and West Coast Express commuter rail. Downtown is highly walkable and SkyTrain-served.
Score San Francisco, Vancouver 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.