--- title: "San Francisco vs Tokyo: Class A office comparison" description: "Side-by-side Class A office comparison for San Francisco and Tokyo — rent, vacancy, talent, tax, lease norms, transit, and top submarkets." canonical: https://classa.info/compare/san-francisco-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)." --- > San Francisco ($78/sqft, 31.5% vacancy) and Tokyo ($113/sqft, 4.6% vacancy) compete on different axes: San Francisco on talent depth and Tokyo on rent and tax. ## TL;DR - Class A rent: San Francisco $78/sqft vs Tokyo $113/sqft. - Vacancy: San Francisco 31.5% vs Tokyo 4.6%. - Talent index: San Francisco 98 vs Tokyo 84. - Corporate tax: San Francisco 27% vs Tokyo 30.6%. - Premium flex/seat/month: San Francisco $1,280 vs Tokyo $980. # San Francisco vs Tokyo: Class A office comparison **San Francisco ($78/sqft, 31.5% vacancy) and Tokyo ($113/sqft, 4.6% vacancy) compete on different axes: San Francisco on talent depth and Tokyo on rent and tax.** ## TL;DR - [Class A](/glossary/class-a) rent: San Francisco $78/sqft vs Tokyo $113/sqft. - Vacancy: San Francisco 31.5% vs Tokyo 4.6%. - Talent index: San Francisco 98 vs Tokyo 84. - Corporate tax: San Francisco 27% vs Tokyo 30.6%. - [Premium flex](/topics/lease-vs-flex)/seat/month: San Francisco $1,280 vs Tokyo $980. ## Market data side-by-side | Metric | San Francisco | Tokyo| | Region | Americas | APAC| | Country | United States | Japan| | Class A rent (USD/sqft/yr) | $78 | $113| | Class A rent (local) | 78 USD | 50000 JPY| | Vacancy | 31.5% | 4.6%| | Trend | rising | rising| | Prime yield | 6.5% | 3%| | Premium flex / seat / month (USD) | $1,280 | $980| | Submarkets covered | 6 | 6| | Corporate tax | 27% | 30.6%| ## Lease norms | Metric | San Francisco | Tokyo| | Typical term | 7 yrs | 5 yrs| | Typical rent-free | 22 mos | 4 mos| | Lease norms | 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. | 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 | Combined federal + California corporate tax effectively reaches 27%. San Francisco gross receipts tax applies to most occupiers; payroll tax is now phased out. | Effective corporate tax rate 30.6% (national + local). Tokyo Metropolitan corporate inhabitant tax adds a meaningful local component.| ## Talent | Metric | San Francisco | Tokyo| | Talent index (0–100) | 98 | 84| | Talent note | Deepest AI/ML and senior software engineering talent pool globally. Average all-in compensation indexes 98 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 **San Francisco:** BART, Muni, Caltrain, and the new Salesforce Transit Center anchor commute infrastructure. The Central Subway extension to Chinatown completed in 2023. **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 — San Francisco - [**Transbay**](/cities/san-francisco/transbay) — [trophy tier](/topics/trophy-asset-selection) · $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 ## 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 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 84/100). ### Pick by tax San Francisco has the lower headline corporate tax (27% vs 30.6%). Local incentives can change the effective rate materially. ### Pick by lease optionality San Francisco typical term is 7 years with 22 months free; Tokyo runs 5 years with 4 months free. ### Pick by transit San Francisco: BART, Muni, Caltrain, and the new Salesforce Transit Center anchor commute infrastructure. The Central Subway extension to Chinatown completed in 2023. 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 San Francisco, 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 San Francisco or Tokyo?**** : San Francisco is cheaper on a USD basis: $78/sqft vs $113/sqft. ****Which has better talent depth, San Francisco or Tokyo?**** : San Francisco indexes higher on talent depth (98 vs 84). ****Which has more sublease availability, San Francisco or Tokyo?**** : San Francisco carries higher vacancy (31.5% vs 4.6%) and therefore typically more [sublease](/glossary/sublease) overhang. ****What lease term should I expect in San Francisco vs Tokyo?**** : San Francisco typical term is 7 years with 22 months rent-free; Tokyo typical term is 5 years with 4 months rent-free. ****How does transit and commuter access compare?**** : San Francisco: BART, Muni, Caltrain, and the new Salesforce Transit Center anchor commute infrastructure. The Central Subway extension to Chinatown completed in 2023. 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 [**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/san-francisco-vs-tokyo), updated 2026-04-15T00:00:00.000Z.