--- title: "London vs San Francisco: Class A office comparison" description: "Side-by-side Class A office comparison for London and San Francisco — rent, vacancy, talent, tax, lease norms, transit, and top submarkets." canonical: https://classa.info/compare/london-vs-san-francisco pageType: comparison lastUpdated: 2026-04-15T00:00:00.000Z license: "CC BY 4.0 with attribution to Class A Atlas (https://classa.info)." --- > London ($121/sqft, 8.6% vacancy) and San Francisco ($78/sqft, 31.5% vacancy) compete on different axes: London on rent and tax and San Francisco on talent depth. ## TL;DR - Class A rent: London $121/sqft vs San Francisco $78/sqft. - Vacancy: London 8.6% vs San Francisco 31.5%. - Talent index: London 96 vs San Francisco 98. - Corporate tax: London 25% vs San Francisco 27%. - Premium flex/seat/month: London $1,380 vs San Francisco $1,280. # London vs San Francisco: Class A office comparison **London ($121/sqft, 8.6% vacancy) and San Francisco ($78/sqft, 31.5% vacancy) compete on different axes: London on rent and tax and San Francisco on talent depth.** ## TL;DR - [Class A](/glossary/class-a) rent: London $121/sqft vs San Francisco $78/sqft. - Vacancy: London 8.6% vs San Francisco 31.5%. - Talent index: London 96 vs San Francisco 98. - Corporate tax: London 25% vs San Francisco 27%. - [Premium flex](/topics/lease-vs-flex)/seat/month: London $1,380 vs San Francisco $1,280. ## Market data side-by-side | Metric | London | San Francisco| | Region | EMEA | Americas| | Country | United Kingdom | United States| | Class A rent (USD/sqft/yr) | $121 | $78| | Class A rent (local) | 95 GBP | 78 USD| | Vacancy | 8.6% | 31.5%| | Trend | rising | rising| | Prime yield | 4.5% | 6.5%| | Premium flex / seat / month (USD) | $1,380 | $1,280| | Submarkets covered | 7 | 6| | Corporate tax | 25% | 27%| ## Lease norms | Metric | London | San Francisco| | Typical term | 10 yrs | 7 yrs| | Typical rent-free | 24 mos | 22 mos| | Lease norms | 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. | Modified-gross with operating-expense escalations over a base year. Rent-free of 18-30 months on a 10-year term is current market for trophy assets in lease-up. TI of $150-$220/sqft is achievable. Termination options at year 5 are increasingly negotiable.| | Tax note | 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. | Combined federal + California corporate tax effectively reaches 27%. San Francisco gross receipts tax applies to most occupiers; payroll tax is now phased out.| ## Talent | Metric | London | San Francisco| | Talent index (0–100) | 96 | 98| | Talent note | Largest financial-services and technology talent pool in EMEA. Average all-in compensation indexes 96 vs. New York's 100. | Deepest AI/ML and senior software engineering talent pool globally. Average all-in compensation indexes 98 vs. New York's 100.| ## Transit & commute **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. **San Francisco:** BART, Muni, Caltrain, and the new Salesforce Transit Center anchor commute infrastructure. The Central Subway extension to Chinatown completed in 2023. ## 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 ## Top submarkets — San Francisco - [**Transbay**](/cities/san-francisco/transbay) — trophy tier · $105/sqft/yr - [**South of Market (SOMA)**](/cities/san-francisco/south-of-market) — trophy tier · $92/sqft/yr - [**Mission Bay & SoMa**](/cities/san-francisco/mission-bay-soma) — prime tier · $80/sqft/yr ## Decision criteria ### Pick by cost San Francisco is the cheaper Class A market on a USD basis. ### Pick by talent depth San Francisco has the deeper talent index (98/100 vs 96/100). ### Pick by tax London has the lower headline corporate tax (25% vs 27%). Local incentives can change the effective rate materially. ### Pick by lease optionality London typical term is 10 years with 24 months free; San Francisco runs 7 years with 22 months free. ### Pick by transit 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. San Francisco: BART, Muni, Caltrain, and the new Salesforce Transit Center anchor commute infrastructure. The Central Subway extension to Chinatown completed in 2023. ## Run a 4-city comparison Score London, San Francisco 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 London or San Francisco?**** : San Francisco is cheaper on a USD basis: $78/sqft vs $121/sqft. ****Which has better talent depth, London or San Francisco?**** : San Francisco indexes higher on talent depth (98 vs 96). ****Which has more sublease availability, London or San Francisco?**** : San Francisco carries higher vacancy (31.5% vs 8.6%) and therefore typically more sublease overhang. ****What lease term should I expect in London vs San Francisco?**** : London typical term is 10 years with 24 months rent-free; San Francisco typical term is 7 years with 22 months rent-free. ****How does transit and commuter access compare?**** : 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. San Francisco: BART, Muni, Caltrain, and the new Salesforce Transit Center anchor commute infrastructure. The Central Subway extension to Chinatown completed in 2023. ## Editorial provenance Reviewed by [**Samuel Okafor**](/about/authors/samuel-okafor) — EMEA 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/london-vs-san-francisco), updated 2026-04-15T00:00:00.000Z.