IQ I — Rental Market Data

IQ I's average realized lease rent of $2,275 per month sits $118 below the four-comp benchmark of $2,393, positioning it as the most affordable active option in this immediate Queensway–Zorra corridor. Park Towers at IQ – East Tower (17 Zorra St, 0.06 km) closed 14 leases at an average of $2,268 per month ($3.95 per square foot, 575 sq ft), meaning IQ I commands a $7-per-month higher rent than this nearest peer. Park Towers at IQ – West Tower (15 Zorra St, 0.08 km) closed 8 leases averaging $2,531 per month ($3.88 per square foot, 660 sq ft), placing IQ I $256 lower in nominal rent. The Tailor (1195 The Queensway, 0.09 km) recorded 13 closed leases at $2,333 per month ($3.64 per square foot, 646 sq ft), with IQ I trading $58 below that figure. Thirty Six Zorra (36 Zorra St, 0.23 km) closed 20 leases at $2,441 per month ($3.85 per square foot, 659 sq ft), leaving IQ I $166 lower in absolute monthly cost. All four competitors posted active lease transactions, so each provides a realized pricing benchmark rather than a speculative listing reference.

IQ I leases at $3.89 per square foot across an average 588-square-foot suite, a combination that places its per-square-foot rate above the comp average of $3.83 while delivering materially less interior space than three of the four active competitors. Against Park Towers at IQ – East Tower, IQ I trades at a $0.06-per-square-foot (1.5%) discount and provides 13 more interior square feet, giving tenants a slightly larger unit at a marginally lower rate per square foot. Versus Park Towers at IQ – West Tower, IQ I commands a $0.01-per-square-foot (0.3%) premium but provides 72 fewer interior square feet; the $256 lower nominal rent is driven entirely by that smaller footprint rather than a weaker asset valuation. The Tailor presents the sharpest trade-off: IQ I commands a $0.25-per-square-foot (6.9%) premium yet provides 58 fewer square feet, so the $58 lower monthly rent reflects the compact suite size, not a discount in per-unit pricing. Thirty Six Zorra shows a similar pattern—IQ I carries a $0.04-per-square-foot (1.0%) premium with 71 fewer square feet, and the $166 rent differential is a function of the reduced interior area. In every case, the nominal rent gap is a square-footage story, not a signal that IQ I is undervalued on a per-unit basis.

IQ I fields a 14-item amenity program anchored by an indoor pool, hot tub and jacuzzi, sauna and steam room, yoga studio, gym and fitness centre, car wash bay, pet wash station, rooftop terrace, and games and billiards room—a full aquatic-and-wellness package that distinguishes it from the two newest competitors in the cluster. The Tailor (1195 The Queensway) offers no pool, no hot tub, no sauna, and no car wash bay, substituting a library, business centre, and shared laundry room for the aquatic and wellness features IQ I provides. Thirty Six Zorra (36 Zorra St) includes an outdoor pool and fire pits but lacks the indoor pool, jacuzzi, sauna, car wash bay, and pet wash station that define IQ I's lifestyle offering. Park Towers at IQ – East Tower and West Tower share the indoor pool and sauna with IQ I but add a media and theatre room and music room that IQ I does not carry, while the West Tower extends further with a children's outdoor playground. The tenant demographic best served by IQ I's package is the cost-conscious professional or young household that prioritizes in-building aquatic recreation, a private car wash, and pet-friendly convenience over the co-working or family-play features emphasized by the 2023–2024 cohort, all at a monthly rent that undercuts the newer stock by $58 to $256.