--- title: "Hong Kong vs Manila: Class A office comparison" description: "Side-by-side Class A office comparison for Hong Kong and Manila — rent, vacancy, talent, tax, lease norms, transit, and top submarkets." canonical: https://classa.info/compare/hong-kong-vs-manila pageType: comparison lastUpdated: 2026-04-15T00:00:00.000Z license: "CC BY 4.0 with attribution to Class A Atlas (https://classa.info)." --- > Hong Kong ($123/sqft, 12.8% vacancy) and Manila ($28/sqft, 22.6% vacancy) compete on different axes: Hong Kong on talent depth and Manila on rent and tax. ## TL;DR - Class A rent: Hong Kong $123/sqft vs Manila $28/sqft. - Vacancy: Hong Kong 12.8% vs Manila 22.6%. - Talent index: Hong Kong 88 vs Manila 76. - Corporate tax: Hong Kong 16.5% vs Manila 25%. - Premium flex/seat/month: Hong Kong $1,320 vs Manila $290. # Hong Kong vs Manila: Class A office comparison **Hong Kong ($123/sqft, 12.8% vacancy) and Manila ($28/sqft, 22.6% vacancy) compete on different axes: Hong Kong on talent depth and Manila on rent and tax.** ## TL;DR - [Class A](/glossary/class-a) rent: Hong Kong $123/sqft vs Manila $28/sqft. - Vacancy: Hong Kong 12.8% vs Manila 22.6%. - Talent index: Hong Kong 88 vs Manila 76. - Corporate tax: Hong Kong 16.5% vs Manila 25%. - [Premium flex](/topics/lease-vs-flex)/seat/month: Hong Kong $1,320 vs Manila $290. ## Market data side-by-side | Metric | Hong Kong | Manila| | Region | APAC | APAC| | Country | Hong Kong SAR | Philippines| | Class A rent (USD/sqft/yr) | $123 | $28| | Class A rent (local) | 80 HKD | 1500 PHP| | Vacancy | 12.8% | 22.6%| | Trend | softening | softening| | Prime yield | 3.4% | 6.6%| | Premium flex / seat / month (USD) | $1,320 | $290| | Submarkets covered | 5 | 5| | Corporate tax | 16.5% | 25%| ## Lease norms | Metric | Hong Kong | Manila| | Typical term | 3 yrs | 3 yrs| | Typical rent-free | 8 mos | 5 mos| | Lease norms | Hong Kong leases are typically 3 years (with renewal option) or 6 years on the trophy tier. Rent-free of 6-12 months on a 3-year term is current market. Rent is gross with management fees billed separately. Stamp duty is payable on lease execution. Bank guarantees of 3 months are standard. | Net leases. 3-5 year terms with renewal options standard. Free rent of 4-9 months on a 5-year deal.| | Tax note | Profits tax at 16.5% (8.25% on the first HKD 2 million for qualifying entities). No VAT, no capital gains tax, no withholding tax on dividends. | 25% Philippine corporate income tax. 20% reduced rate for small companies. PEZA registration provides 4-7 year income tax holiday plus 5% gross income tax in lieu of all national and local taxes for qualifying export-oriented activities.| ## Talent | Metric | Hong Kong | Manila| | Talent index (0–100) | 88 | 76| | Talent note | Premium financial-services talent depth, particularly for cross-border China-mainland mandates. Average all-in compensation indexes 88 vs. New York's 100. | Deepest English-language BPO talent in Asia. Strong feed from University of the Philippines, Ateneo de Manila, De La Salle, and a deep network of universities. Excellent neutral English accent supports North American customer-facing operations.| ## Transit & commute **Hong Kong:** MTR coverage across the entire Class A footprint. Airport Express to Chek Lap Kok in 24 minutes from Central. The Hong Kong-Zhuhai-Macau Bridge and Express Rail to Shenzhen and Guangzhou support cross-border occupier strategies. **Manila:** LRT-1, LRT-2, MRT-3, plus the new MRT-7 and PNR. Manila Metro Rail Transit System (MMRT) is structurally under-capacity. NAIA airport connected via bus and the future MRT-7 extension. ## Top submarkets — Hong Kong - [**Central**](/cities/hong-kong/central) — trophy tier · HK$130/sqft/mo · ≈ $200 PSF/yr USD - [**Admiralty**](/cities/hong-kong/admiralty) — prime tier · HK$110/sqft/mo · ≈ $169 PSF/yr USD - [**West Kowloon**](/cities/hong-kong/west-kowloon) — prime tier · HK$95/sqft/mo · ≈ $146 PSF/yr USD ## Top submarkets — Manila - [**Bonifacio Global City (BGC)**](/cities/manila/bgc) — trophy tier · ₱1,700/sqm/mo · ≈ $32.2 PSF/yr USD - [**Makati CBD**](/cities/manila/makati-cbd) — trophy tier · ₱1,600/sqm/mo · ≈ $30.3 PSF/yr USD - [**Ortigas Center**](/cities/manila/ortigas) — prime tier · ₱1,200/sqm/mo · ≈ $22.7 PSF/yr USD ## Decision criteria ### Pick by cost Manila is the cheaper Class A market on a USD basis. ### Pick by talent depth Hong Kong has the deeper talent index (88/100 vs 76/100). ### Pick by tax Hong Kong has the lower headline corporate tax (16.5% vs 25%). Local incentives can change the effective rate materially. ### Pick by lease optionality Hong Kong typical term is 3 years with 8 months free; Manila runs 3 years with 5 months free. ### Pick by transit Hong Kong: MTR coverage across the entire Class A footprint. Airport Express to Chek Lap Kok in 24 minutes from Central. The Hong Kong-Zhuhai-Macau Bridge and Express Rail to Shenzhen and Guangzhou support cross-border occupier strategies. Manila: LRT-1, LRT-2, MRT-3, plus the new MRT-7 and PNR. Manila Metro Rail Transit System (MMRT) is structurally under-capacity. NAIA airport connected via bus and the future MRT-7 extension. ## Run a 4-city comparison Score Hong Kong, Manila 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 Hong Kong or Manila?**** : Manila is cheaper on a USD basis: $28/sqft vs $123/sqft. ****Which has better talent depth, Hong Kong or Manila?**** : Hong Kong indexes higher on talent depth (88 vs 76). ****Which has more sublease availability, Hong Kong or Manila?**** : Manila carries higher vacancy (22.6% vs 12.8%) and therefore typically more [sublease](/topics/sublease-strategy)">sublease overhang. ****What lease term should I expect in Hong Kong vs Manila?**** : Hong Kong typical term is 3 years with 8 months rent-free; Manila typical term is 3 years with 5 months rent-free. ****How does transit and commuter access compare?**** : Hong Kong: MTR coverage across the entire Class A footprint. Airport Express to Chek Lap Kok in 24 minutes from Central. The Hong Kong-Zhuhai-Macau Bridge and Express Rail to Shenzhen and Guangzhou support cross-border occupier strategies. Manila: LRT-1, LRT-2, MRT-3, plus the new MRT-7 and PNR. Manila Metro Rail Transit System (MMRT) is structurally under-capacity. NAIA airport connected via bus and the future MRT-7 extension. ## Editorial provenance Reviewed by [**Kenji Watanabe**](/about/authors/kenji-watanabe) — APAC contributing editor. 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/hong-kong-vs-manila), updated 2026-04-15T00:00:00.000Z.