Seattle ($52/sqft, 26.4% vacancy) and Vancouver ($39/sqft, 11.2% vacancy) compete on different axes: Seattle on talent depth and Vancouver on rent and tax.
Seattle ($52/sqft, 26.4% vacancy) and Vancouver ($39/sqft, 11.2% vacancy) compete on different axes: Seattle on talent depth and Vancouver on rent and tax.
| Metric | Seattle | Vancouver |
|---|---|---|
| Region | Americas | Americas |
| Country | United States | Canada |
| Class A rent (USD/sqft/yr) | $52 | $39 |
| Class A rent (local) | 52 USD | 52 CAD |
| Vacancy | 26.4% | 11.2% |
| Trend | softening | flat |
| Prime yield | 6.7% | 5.2% |
| Premium flex / seat / month (USD) | $940 | $720 |
| Submarkets covered | 5 | 5 |
| Corporate tax | 21% | 27% |
| Metric | Seattle | Vancouver |
|---|---|---|
| Typical term | 10 yrs | 10 yrs |
| Typical rent-free | 16 mos | 10 mos |
| Lease norms | Modified-gross structures with operating-expense pass-throughs. 10-12 year terms standard for trophy. Free rent of 12-18 months and TI of $100-$150/sqft typical on a 10-year deal. | 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 | 21% federal corporate income tax. No Washington State corporate income tax. Washington B&O tax applies to gross receipts (rates vary by activity). Seattle JumpStart payroll expense tax applies to tenants with $7M+ payroll. | 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 | Seattle | Vancouver |
|---|---|---|
| Talent index (0–100) | 92 | 84 |
| Talent note | Deepest cloud, AI, and SaaS engineering talent pool in North America. UW and a deep network of T-1 engineering programs feed. Cost-of-living advantage versus Bay Area is structural. | 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. |
Seattle: Sound Transit Link light rail (1 Line) extended in 2024 to Lynnwood; East Link to Bellevue / Redmond opening 2025-26. Streetcar serves South Lake Union. King County Metro bus network anchors local commute.
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.
Seattle has the deeper talent index (92/100 vs 84/100).
Seattle has the lower headline corporate tax (21% vs 27%). Local incentives can change the effective rate materially.
Seattle typical term is 10 years with 16 months free; Vancouver runs 10 years with 10 months free.
Seattle: Sound Transit Link light rail (1 Line) extended in 2024 to Lynnwood; East Link to Bellevue / Redmond opening 2025-26. Streetcar serves South Lake Union. King County Metro bus network anchors local commute. 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 Seattle, 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.