--- title: "Hong Kong vs Tokyo: Class A office comparison" description: "Side-by-side Class A office comparison for Hong Kong and Tokyo — rent, vacancy, talent, tax, lease norms, transit, and top submarkets." canonical: https://classa.info/compare/hong-kong-vs-tokyo 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 Tokyo ($113/sqft, 4.6% vacancy) compete on different axes: Hong Kong on talent depth and Tokyo on rent and tax. ## TL;DR - Class A rent: Hong Kong $123/sqft vs Tokyo $113/sqft. - Vacancy: Hong Kong 12.8% vs Tokyo 4.6%. - Talent index: Hong Kong 88 vs Tokyo 84. - Corporate tax: Hong Kong 16.5% vs Tokyo 30.6%. - Premium flex/seat/month: Hong Kong $1,320 vs Tokyo $980. # Hong Kong vs Tokyo: Class A office comparison **Hong Kong ($123/sqft, 12.8% vacancy) and Tokyo ($113/sqft, 4.6% vacancy) compete on different axes: Hong Kong on talent depth and Tokyo on rent and tax.** ## TL;DR - [Class A](/glossary/class-a) rent: Hong Kong $123/sqft vs Tokyo $113/sqft. - Vacancy: Hong Kong 12.8% vs Tokyo 4.6%. - Talent index: Hong Kong 88 vs Tokyo 84. - Corporate tax: Hong Kong 16.5% vs Tokyo 30.6%. - [Premium flex](/topics/lease-vs-flex)/seat/month: Hong Kong $1,320 vs Tokyo $980. ## Market data side-by-side | Metric | Hong Kong | Tokyo| | Region | APAC | APAC| | Country | Hong Kong SAR | Japan| | Class A rent (USD/sqft/yr) | $123 | $113| | Class A rent (local) | 80 HKD | 50000 JPY| | Vacancy | 12.8% | 4.6%| | Trend | softening | rising| | Prime yield | 3.4% | 3%| | Premium flex / seat / month (USD) | $1,320 | $980| | Submarkets covered | 5 | 6| | Corporate tax | 16.5% | 30.6%| ## Lease norms | Metric | Hong Kong | Tokyo| | Typical term | 3 yrs | 5 yrs| | Typical rent-free | 8 mos | 4 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. | Tokyo leases are typically 5-7 years with a 2-year tenant notice. Standard leases are 'fixed-term' (teiki shakuya) or 'ordinary' (futsu shakuya) — fixed-term is increasingly common for Grade A. Rent is base + common-area maintenance billed separately. Restoration to original (genjo kaifuku) is contractual and significant. Personal seal (jitsuin) requirements apply.| | 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. | Effective corporate tax rate 30.6% (national + local). Tokyo Metropolitan corporate inhabitant tax adds a meaningful local component.| ## Talent | Metric | Hong Kong | Tokyo| | Talent index (0–100) | 88 | 84| | 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. | The largest single-language white-collar talent pool in the world. Average all-in compensation for senior knowledge workers indexes 84 vs. New York's 100, though English-fluent bilingual talent commands a premium.| ## 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. **Tokyo:** JR Yamanote loop plus 13 metro lines connect every Class A address. Shinkansen termini at Tokyo, Shinagawa, and Ueno support inter-city corporate networks. ## 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 — Tokyo - [**Azabudai & Roppongi**](/cities/tokyo/azabudai-roppongi) — trophy tier · ¥60,000/[tsubo](/topics/apac-lease-conventions)">tsubo/mo · ≈ $136 PSF/yr USD - [**Marunouchi & Otemachi**](/cities/tokyo/marunouchi-otemachi) — trophy tier · ¥55,000/tsubo/mo · ≈ $124 PSF/yr USD - [**Toranomon**](/cities/tokyo/toranomon) — trophy tier · ¥50,000/tsubo/mo · ≈ $113 PSF/yr USD ## Decision criteria ### Pick by cost Tokyo is the cheaper Class A market on a USD basis. ### Pick by talent depth Hong Kong has the deeper talent index (88/100 vs 84/100). ### Pick by tax Hong Kong has the lower headline corporate tax (16.5% vs 30.6%). Local incentives can change the effective rate materially. ### Pick by lease optionality Hong Kong typical term is 3 years with 8 months free; Tokyo runs 5 years with 4 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. Tokyo: JR Yamanote loop plus 13 metro lines connect every Class A address. Shinkansen termini at Tokyo, Shinagawa, and Ueno support inter-city corporate networks. ## Run a 4-city comparison Score Hong Kong, Tokyo 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 Tokyo?**** : Tokyo is cheaper on a USD basis: $113/sqft vs $123/sqft. ****Which has better talent depth, Hong Kong or Tokyo?**** : Hong Kong indexes higher on talent depth (88 vs 84). ****Which has more sublease availability, Hong Kong or Tokyo?**** : Hong Kong carries higher vacancy (12.8% vs 4.6%) and therefore typically more sublease overhang. ****What lease term should I expect in Hong Kong vs Tokyo?**** : Hong Kong typical term is 3 years with 8 months rent-free; Tokyo typical term is 5 years with 4 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. Tokyo: JR Yamanote loop plus 13 metro lines connect every Class A address. Shinkansen termini at Tokyo, Shinagawa, and Ueno support inter-city corporate networks. ## 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-tokyo), updated 2026-04-15T00:00:00.000Z.