--- title: "San Francisco vs Toronto: Class A office comparison" description: "Side-by-side Class A office comparison for San Francisco and Toronto — rent, vacancy, talent, tax, lease norms, transit, and top submarkets." canonical: https://classa.info/compare/san-francisco-vs-toronto 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 Toronto ($58/sqft, 17.6% vacancy) compete on different axes: San Francisco on talent depth and Toronto on rent and tax. ## TL;DR - Class A rent: San Francisco $78/sqft vs Toronto $58/sqft. - Vacancy: San Francisco 31.5% vs Toronto 17.6%. - Talent index: San Francisco 98 vs Toronto 80. - Corporate tax: San Francisco 27% vs Toronto 26.5%. - Premium flex/seat/month: San Francisco $1,280 vs Toronto $920. # San Francisco vs Toronto: Class A office comparison **San Francisco ($78/sqft, 31.5% vacancy) and Toronto ($58/sqft, 17.6% vacancy) compete on different axes: San Francisco on talent depth and Toronto on rent and tax.** ## TL;DR - [Class A](/glossary/class-a) rent: San Francisco $78/sqft vs Toronto $58/sqft. - Vacancy: San Francisco 31.5% vs Toronto 17.6%. - Talent index: San Francisco 98 vs Toronto 80. - Corporate tax: San Francisco 27% vs Toronto 26.5%. - [Premium flex](/topics/lease-vs-flex)/seat/month: San Francisco $1,280 vs Toronto $920. ## Market data side-by-side | Metric | San Francisco | Toronto| | Region | Americas | Americas| | Country | United States | Canada| | Class A rent (USD/sqft/yr) | $78 | $58| | Class A rent (local) | 78 USD | 78 CAD| | Vacancy | 31.5% | 17.6%| | Trend | rising | flat| | Prime yield | 6.5% | 5.5%| | Premium flex / seat / month (USD) | $1,280 | $920| | Submarkets covered | 6 | 6| | Corporate tax | 27% | 26.5%| ## Lease norms | Metric | San Francisco | Toronto| | Typical term | 7 yrs | 10 yrs| | Typical rent-free | 22 mos | 18 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. | Net leases — tenant pays a base rent plus a proportional share of operating expenses, realty taxes, and utilities (TMI). Rent-free of 12-24 months on a 10-year term is current market. Bank guarantees common for non-investment-grade covenants.| | 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. | Combined federal + Ontario corporate tax 26.5%. Toronto Municipal Land Transfer Tax applies on purchase, not on lease.| ## Talent | Metric | San Francisco | Toronto| | Talent index (0–100) | 98 | 80| | Talent note | Deepest AI/ML and senior software engineering talent pool globally. Average all-in compensation indexes 98 vs. New York's 100. | Deepest financial-services and tech talent pool in Canada. Average all-in compensation indexes 80.| ## 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. **Toronto:** TTC subway plus GO Transit commuter rail converge at Union Station. The PATH connects most Financial Core assets underground. ## 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 — Toronto - [**Financial Core**](/cities/toronto/financial-core) — trophy tier · C$82/sqft/yr · ≈ $60.7 PSF/yr USD - [**South Core**](/cities/toronto/south-core) — trophy tier · C$56/sqft/yr · ≈ $41.4 PSF/yr USD - [**King East & Distillery**](/cities/toronto/king-east-distillery) — prime tier · C$55/sqft/yr · ≈ $40.7 PSF/yr USD ## Decision criteria ### Pick by cost Toronto is the cheaper Class A market on a USD basis. ### Pick by talent depth San Francisco has the deeper talent index (98/100 vs 80/100). ### Pick by tax Toronto has the lower headline corporate tax (26.5% vs 27%). Local incentives can change the effective rate materially. ### Pick by lease optionality San Francisco typical term is 7 years with 22 months free; Toronto runs 10 years with 18 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. Toronto: TTC subway plus GO Transit commuter rail converge at Union Station. The PATH connects most Financial Core assets underground. ## Run a 4-city comparison Score San Francisco, Toronto 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 Toronto?**** : Toronto is cheaper on a USD basis: $58/sqft vs $78/sqft. ****Which has better talent depth, San Francisco or Toronto?**** : San Francisco indexes higher on talent depth (98 vs 80). ****Which has more sublease availability, San Francisco or Toronto?**** : San Francisco carries higher vacancy (31.5% vs 17.6%) and therefore typically more [sublease](/topics/sublease-strategy)">sublease overhang. ****What lease term should I expect in San Francisco vs Toronto?**** : San Francisco typical term is 7 years with 22 months rent-free; Toronto typical term is 10 years with 18 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. Toronto: TTC subway plus GO Transit commuter rail converge at Union Station. The PATH connects most Financial Core assets underground. ## 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-toronto), updated 2026-04-15T00:00:00.000Z.