--- title: "New York vs San Francisco: Class A office comparison" description: "Side-by-side Class A office comparison for New York and San Francisco — rent, vacancy, talent, tax, lease norms, transit, and top submarkets." canonical: https://classa.info/compare/new-york-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)." --- > New York ($102/sqft, 17.4% vacancy) and San Francisco ($78/sqft, 31.5% vacancy) compete on different axes: New York on talent depth and San Francisco on rent and tax. ## TL;DR - Class A rent: New York $102/sqft vs San Francisco $78/sqft. - Vacancy: New York 17.4% vs San Francisco 31.5%. - Talent index: New York 100 vs San Francisco 98. - Corporate tax: New York 27.5% vs San Francisco 27%. - Premium flex/seat/month: New York $1,450 vs San Francisco $1,280. # New York vs San Francisco: Class A office comparison **New York ($102/sqft, 17.4% vacancy) and San Francisco ($78/sqft, 31.5% vacancy) compete on different axes: New York on talent depth and San Francisco on rent and tax.** ## TL;DR - [Class A](/glossary/class-a) rent: New York $102/sqft vs San Francisco $78/sqft. - Vacancy: New York 17.4% vs San Francisco 31.5%. - Talent index: New York 100 vs San Francisco 98. - Corporate tax: New York 27.5% vs San Francisco 27%. - [Premium flex](/topics/lease-vs-flex)/seat/month: New York $1,450 vs San Francisco $1,280. ## Market data side-by-side | Metric | New York | San Francisco| | Region | Americas | Americas| | Country | United States | United States| | Class A rent (USD/sqft/yr) | $102 | $78| | Class A rent (local) | 102 USD | 78 USD| | Vacancy | 17.4% | 31.5%| | Trend | rising | rising| | Prime yield | 5.6% | 6.5%| | Premium flex / seat / month (USD) | $1,450 | $1,280| | Submarkets covered | 7 | 6| | Corporate tax | 27.5% | 27%| ## Lease norms | Metric | New York | San Francisco| | Typical term | 10 yrs | 7 yrs| | Typical rent-free | 14 mos | 22 mos| | Lease norms | Manhattan leases are predominantly modified-gross structures with operating-expense and real-estate-tax escalations over a base year. Free rent (12-18 months on a 10-year term) and fit-out-capex">tenant improvement allowances ($130-$180/sqft for high-spec build-outs) are core economic levers. Personal guarantees are uncommon at institutional tenant scale; Good Guy Guarantees remain standard for smaller suites. | 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 | Combined federal + New York State + NYC corporate income tax effectively reaches 27.5% for most C-corps. New York City Commercial Rent Tax (CRT) applies to Manhattan tenants south of 96th Street paying base rents above $250,000. | 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 | New York | San Francisco| | Talent index (0–100) | 100 | 98| | Talent note | Deepest white-collar talent pool in the Americas. Average all-in compensation for senior knowledge workers indexes 100 (the global baseline used elsewhere in this Atlas). | Deepest AI/ML and senior software engineering talent pool globally. Average all-in compensation indexes 98 vs. New York's 100.| ## Transit & commute **New York:** MTA subway lines, Metro-North, LIRR, and PATH converge on Midtown and the Financial District, anchored by Grand Central, Penn Station, and the Oculus. Class A landlords now factor [commute time](/topics/workplace-talent-strategy) as part of their leasing pitch. **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 — New York - [**Plaza District**](/cities/new-york/plaza-district) — [trophy tier](/topics/trophy-asset-selection) · $145/sqft/yr - [**Hudson Yards**](/cities/new-york/hudson-yards) — trophy tier · $130/sqft/yr - [**Midtown**](/cities/new-york/midtown) — trophy tier · $128/sqft/yr ## 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 New York has the deeper talent index (100/100 vs 98/100). ### Pick by tax San Francisco has the lower headline corporate tax (27% vs 27.5%). Local incentives can change the effective rate materially. ### Pick by lease optionality New York typical term is 10 years with 14 months free; San Francisco runs 7 years with 22 months free. ### Pick by transit New York: MTA subway lines, Metro-North, LIRR, and PATH converge on Midtown and the Financial District, anchored by Grand Central, Penn Station, and the Oculus. Class A landlords now factor commute time as part of their leasing pitch. 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 New York, 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 New York or San Francisco?**** : San Francisco is cheaper on a USD basis: $78/sqft vs $102/sqft. ****Which has better talent depth, New York or San Francisco?**** : New York indexes higher on talent depth (100 vs 98). ****Which has more sublease availability, New York or San Francisco?**** : San Francisco carries higher vacancy (31.5% vs 17.4%) and therefore typically more sublease overhang. ****What lease term should I expect in New York vs San Francisco?**** : New York typical term is 10 years with 14 months rent-free; San Francisco typical term is 7 years with 22 months rent-free. ****How does transit and commuter access compare?**** : New York: MTA subway lines, Metro-North, LIRR, and PATH converge on Midtown and the Financial District, anchored by Grand Central, Penn Station, and the Oculus. Class A landlords now factor commute time as part of their leasing pitch. 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 [**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/new-york-vs-san-francisco), updated 2026-04-15T00:00:00.000Z.