--- title: "Chicago vs London: Class A office comparison" description: "Side-by-side Class A office comparison for Chicago and London — rent, vacancy, talent, tax, lease norms, transit, and top submarkets." canonical: https://classa.info/compare/chicago-vs-london pageType: comparison lastUpdated: 2026-04-15T00:00:00.000Z license: "CC BY 4.0 with attribution to Class A Atlas (https://classa.info)." --- > Chicago ($52/sqft, 24.5% vacancy) and London ($121/sqft, 8.6% vacancy) compete on different axes: Chicago on rent and tax and London on talent depth. ## TL;DR - Class A rent: Chicago $52/sqft vs London $121/sqft. - Vacancy: Chicago 24.5% vs London 8.6%. - Talent index: Chicago 88 vs London 96. - Corporate tax: Chicago 28.5% vs London 25%. - Premium flex/seat/month: Chicago $920 vs London $1,380. # Chicago vs London: Class A office comparison **Chicago ($52/sqft, 24.5% vacancy) and London ($121/sqft, 8.6% vacancy) compete on different axes: Chicago on rent and tax and London on talent depth.** ## TL;DR - [Class A](/glossary/class-a) rent: Chicago $52/sqft vs London $121/sqft. - Vacancy: Chicago 24.5% vs London 8.6%. - Talent index: Chicago 88 vs London 96. - Corporate tax: Chicago 28.5% vs London 25%. - [Premium flex](/topics/lease-vs-flex)/seat/month: Chicago $920 vs London $1,380. ## Market data side-by-side | Metric | Chicago | London| | Region | Americas | EMEA| | Country | United States | United Kingdom| | Class A rent (USD/sqft/yr) | $52 | $121| | Class A rent (local) | 52 USD | 95 GBP| | Vacancy | 24.5% | 8.6%| | Trend | flat | rising| | Prime yield | 7% | 4.5%| | Premium flex / seat / month (USD) | $920 | $1,380| | Submarkets covered | 6 | 7| | Corporate tax | 28.5% | 25%| ## Lease norms | Metric | Chicago | London| | Typical term | 10 yrs | 10 yrs| | Typical rent-free | 22 mos | 24 mos| | Lease norms | Modified-gross with op-ex escalations over a base year. Rent-free 18-30 months and TI $120-$200/sqft on a 10-year term are current market. | London leases are predominantly Full Repairing and Insuring (FRI). Tenant pays service charge and is responsible for dilapidations on lease end. Rent reviews to open-market rent every 5 years are standard. Rent-free periods of 18-30 months on a 10-year term are typical, with 'capped' rent-free for break-clause certainty. Personal guarantees are uncommon for institutional tenants; rent deposits are common for younger covenants.| | Tax note | Combined federal + Illinois corporate tax effectively 28.5%. Cook County personal property lease transaction tax applies. | UK corporation tax is 25% (19% small profits rate). Business rates are a major occupancy cost — ~50% of rateable value annually, levied separately from rent and service charge.| ## Talent | Metric | Chicago | London| | Talent index (0–100) | 88 | 96| | Talent note | Deep professional-services, fintech, and trading talent pool. Average all-in compensation indexes 88 vs. New York. | Largest financial-services and technology talent pool in EMEA. Average all-in compensation indexes 96 vs. New York's 100.| ## Transit & commute **Chicago:** CTA L lines and Metra commuter rail. Union Station and Ogilvie anchor commuter rail; Loop Elevated lines circle the historic CBD. **London:** The Elizabeth Line transformed cross-London commute times. Heathrow to Liverpool Street is 35 minutes; Paddington to Canary Wharf is 17 minutes. Crossrail-adjacent assets command a measurable rent premium. ## Top submarkets — Chicago - [**West Loop**](/cities/chicago/west-loop) — trophy tier · $70/sqft/yr - [**Fulton Market**](/cities/chicago/fulton-market) — prime tier · $65/sqft/yr - [**The Loop**](/cities/chicago/the-loop) — prime tier · $50/sqft/yr ## Top submarkets — London - [**Mayfair & St James's**](/cities/london/mayfair-st-james) — trophy tier · £165/sqft/yr · ≈ $210 PSF/yr USD - [**City of London**](/cities/london/city-of-london) — trophy tier · £95/sqft/yr · ≈ $121 PSF/yr USD - [**Fitzrovia & Soho**](/cities/london/fitzrovia-soho) — prime tier · £110/sqft/yr · ≈ $140 PSF/yr USD ## Decision criteria ### Pick by cost Chicago is the cheaper Class A market on a USD basis. ### Pick by talent depth London has the deeper talent index (96/100 vs 88/100). ### Pick by tax London has the lower headline corporate tax (25% vs 28.5%). Local incentives can change the effective rate materially. ### Pick by lease optionality Chicago typical term is 10 years with 22 months free; London runs 10 years with 24 months free. ### Pick by transit Chicago: CTA L lines and Metra commuter rail. Union Station and Ogilvie anchor commuter rail; Loop Elevated lines circle the historic CBD. London: The Elizabeth Line transformed cross-London commute times. Heathrow to Liverpool Street is 35 minutes; Paddington to Canary Wharf is 17 minutes. Crossrail-adjacent assets command a measurable rent premium. ## Run a 4-city comparison Score Chicago, London and up to two more markets side-by-side on Class A rent, vacancy, talent, corporate tax, and premium flex pricing — all in USD. [**Run a 4-city comparison →**](/tools/city-comparator) ## Frequently asked questions ****Is Class A office cheaper in Chicago or London?**** : Chicago is cheaper on a USD basis: $52/sqft vs $121/sqft. ****Which has better talent depth, Chicago or London?**** : London indexes higher on talent depth (96 vs 88). ****Which has more sublease availability, Chicago or London?**** : Chicago carries higher vacancy (24.5% vs 8.6%) and therefore typically more sublease overhang. ****What lease term should I expect in Chicago vs London?**** : Chicago typical term is 10 years with 22 months rent-free; London typical term is 10 years with 24 months rent-free. ****How does transit and commuter access compare?**** : Chicago: CTA L lines and Metra commuter rail. Union Station and Ogilvie anchor commuter rail; Loop Elevated lines circle the historic CBD. London: The Elizabeth Line transformed cross-London commute times. Heathrow to Liverpool Street is 35 minutes; Paddington to Canary Wharf is 17 minutes. Crossrail-adjacent assets command a measurable rent premium. ## Editorial provenance Reviewed by [**Miriam Hollander**](/about/authors/miriam-hollander) — Lead market analyst. Last updated 2026-04-15. See our [methodology](/about/methodology) and [editorial standards](/about/editorial-standards). ### Primary sources for this page - [CBRE Marketview reports](https://www.cbre.com/insights) — CBRE - [JLL Office Insight](https://www.jll.com/en/trends-and-insights) — JLL - [Cushman & Wakefield Marketbeat](https://www.cushmanwakefield.com/en/insights) — Cushman & Wakefield - [Savills World Research](https://www.savills.com/research_articles/) — Savills - [Colliers Global Office Outlook](https://www.colliers.com/en/research) — Colliers [Full sources index](/about/sources) · [Submit a correction](/about/corrections) --- Citation: Source: Class A Atlas (https://classa.info/compare/chicago-vs-london), updated 2026-04-15T00:00:00.000Z.