--- title: "Shanghai vs Tokyo: Class A office comparison" description: "Side-by-side Class A office comparison for Shanghai and Tokyo — rent, vacancy, talent, tax, lease norms, transit, and top submarkets." canonical: https://classa.info/compare/shanghai-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)." --- > Shanghai ($40/sqft, 19.8% vacancy) and Tokyo ($113/sqft, 4.6% vacancy) compete on different axes: Shanghai on rent and tax and Tokyo on talent depth. ## TL;DR - Class A rent: Shanghai $40/sqft vs Tokyo $113/sqft. - Vacancy: Shanghai 19.8% vs Tokyo 4.6%. - Talent index: Shanghai 76 vs Tokyo 84. - Corporate tax: Shanghai 25% vs Tokyo 30.6%. - Premium flex/seat/month: Shanghai $740 vs Tokyo $980. # Shanghai vs Tokyo: Class A office comparison **Shanghai ($40/sqft, 19.8% vacancy) and Tokyo ($113/sqft, 4.6% vacancy) compete on different axes: Shanghai on rent and tax and Tokyo on talent depth.** ## TL;DR - [Class A](/glossary/class-a) rent: Shanghai $40/sqft vs Tokyo $113/sqft. - Vacancy: Shanghai 19.8% vs Tokyo 4.6%. - Talent index: Shanghai 76 vs Tokyo 84. - Corporate tax: Shanghai 25% vs Tokyo 30.6%. - [Premium flex](/topics/lease-vs-flex)/seat/month: Shanghai $740 vs Tokyo $980. ## Market data side-by-side | Metric | Shanghai | Tokyo| | Region | APAC | APAC| | Country | China | Japan| | Class A rent (USD/sqft/yr) | $40 | $113| | Class A rent (local) | 260 CNY | 50000 JPY| | Vacancy | 19.8% | 4.6%| | Trend | softening | rising| | Prime yield | 4.4% | 3%| | Premium flex / seat / month (USD) | $740 | $980| | Submarkets covered | 5 | 6| | Corporate tax | 25% | 30.6%| ## Lease norms | Metric | Shanghai | Tokyo| | Typical term | 3 yrs | 5 yrs| | Typical rent-free | 8 mos | 4 mos| | Lease norms | Standard 3-year lease with renewal option. Rent gross of management fees but exclusive of utilities. Bank guarantee or rent deposit of 3-6 months standard. Reinstatement at lease-end is contractual. | 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 | Headline corporate tax 25% (15% for High and New Technology Enterprises). Free Trade Zone advantages exist. | Effective corporate tax rate 30.6% (national + local). Tokyo Metropolitan corporate inhabitant tax adds a meaningful local component.| ## Talent | Metric | Shanghai | Tokyo| | Talent index (0–100) | 76 | 84| | Talent note | Mainland China's deepest financial-services and tech talent pool. Average all-in compensation indexes 76. | 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 **Shanghai:** Shanghai Metro covers every Class A address. Hongqiao TGV / Maglev connectivity to Beijing and the Yangtze Delta. **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 — Shanghai - [**Lujiazui (Pudong)**](/cities/shanghai/lujiazui) — [trophy tier](/topics/trophy-asset-selection) · ¥280/sqm/mo · ≈ $43.4 PSF/yr USD - [**Hongqiao CBD**](/cities/shanghai/hongqiao) — prime tier · $38/sqft/yr - [**Jing'an**](/cities/shanghai/jing-an) — prime tier · ¥240/sqm/mo · ≈ $37.2 PSF/yr USD ## Top submarkets — Tokyo - [**Azabudai & Roppongi**](/cities/tokyo/azabudai-roppongi) — trophy tier · ¥60,000/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 Shanghai is the cheaper Class A market on a USD basis. ### Pick by talent depth Tokyo has the deeper talent index (84/100 vs 76/100). ### Pick by tax Shanghai has the lower headline corporate tax (25% vs 30.6%). Local incentives can change the effective rate materially. ### Pick by lease optionality Shanghai typical term is 3 years with 8 months free; Tokyo runs 5 years with 4 months free. ### Pick by transit Shanghai: Shanghai Metro covers every Class A address. Hongqiao TGV / Maglev connectivity to Beijing and the Yangtze Delta. 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 Shanghai, 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 Shanghai or Tokyo?**** : Shanghai is cheaper on a USD basis: $40/sqft vs $113/sqft. ****Which has better talent depth, Shanghai or Tokyo?**** : Tokyo indexes higher on talent depth (84 vs 76). ****Which has more sublease availability, Shanghai or Tokyo?**** : Shanghai carries higher vacancy (19.8% vs 4.6%) and therefore typically more sublease overhang. ****What lease term should I expect in Shanghai vs Tokyo?**** : Shanghai 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?**** : Shanghai: Shanghai Metro covers every Class A address. Hongqiao TGV / Maglev connectivity to Beijing and the Yangtze Delta. 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/shanghai-vs-tokyo), updated 2026-04-15T00:00:00.000Z.