Santiago ($24/sqft, 9.4% vacancy) and São Paulo ($40/sqft, 19.4% vacancy) compete on different axes: Santiago on talent depth and São Paulo on talent depth.
Santiago ($24/sqft, 9.4% vacancy) and São Paulo ($40/sqft, 19.4% vacancy) compete on different axes: Santiago on talent depth and São Paulo on talent depth.
| Metric | Santiago | São Paulo |
|---|---|---|
| Region | Americas | Americas |
| Country | Chile | Brazil |
| Class A rent (USD/sqft/yr) | $24 | $40 |
| Class A rent (local) | 22000 CLP | 200 BRL |
| Vacancy | 9.4% | 19.4% |
| Trend | rising | rising |
| Prime yield | 6.6% | 7.6% |
| Premium flex / seat / month (USD) | $380 | $380 |
| Submarkets covered | 5 | 5 |
| Corporate tax | 27% | 34% |
| Metric | Santiago | São Paulo |
|---|---|---|
| Typical term | 5 yrs | 5 yrs |
| Typical rent-free | 4 mos | 6 mos |
| Lease norms | Net leases. 5-year terms with renewal options. Free rent of 3-6 months and TI of CLP 280,000-500,000/sqm typical. UF (Unidad de Fomento) inflation indexation common. | Net leases. 5-year terms standard with statutory renewal rights under Brazilian commercial lease law (Lei do Inquilinato). Free rent of 4-9 months and TI of BRL 600-1,200/sqm typical. |
| Tax note | 27% Chilean corporate income tax. 19% VAT (IVA). UF (Unidad de Fomento) inflation indexation applies to many contracts and rents. | 15% federal IRPJ corporate tax plus 9% CSLL plus 10% surcharge on profits above BRL 240k = effective 34%. Plus PIS/COFINS, ISS (municipal), and ICMS (state) for various activities. |
| Metric | Santiago | São Paulo |
|---|---|---|
| Talent index (0–100) | 80 | 80 |
| Talent note | Deep mining, banking, and retail talent. Strong feed from Pontificia Universidad Católica, Universidad de Chile, Universidad Adolfo Ibáñez. Spanish-English bilingual professional base. | Deep banking, professional services, and tech talent. Strong feed from USP, FGV, Insper, and ITA. Portuguese-English bilingual professional base in international corporate. |
Santiago: Santiago Metro (7 lines, the largest in Latin America by length). MetroTren commuter rail. Santiago International Airport (SCL) connected via Línea 7 (planned) and bus.
São Paulo: São Paulo Metro (6 lines), CPTM commuter rail, monorail. Guarulhos International Airport (GRU) connected via CPTM Line 13. Congonhas Airport (CGH) closer to the city.
Santiago is the cheaper Class A market on a USD basis.
Talent indices are tied at 80/100.
Santiago has the lower headline corporate tax (27% vs 34%). Local incentives can change the effective rate materially.
Santiago typical term is 5 years with 4 months free; São Paulo runs 5 years with 6 months free.
Santiago: Santiago Metro (7 lines, the largest in Latin America by length). MetroTren commuter rail. Santiago International Airport (SCL) connected via Línea 7 (planned) and bus. São Paulo: São Paulo Metro (6 lines), CPTM commuter rail, monorail. Guarulhos International Airport (GRU) connected via CPTM Line 13. Congonhas Airport (CGH) closer to the city.
Score Santiago, São Paulo 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.