400 Wellington West — Rental Market Data

400 Wellington West's average realized lease rent of $3,620 per month sits $436 below the four-comp benchmark of $4,056, a gap driven almost entirely by The Well – Signature Series pulling the average upward with its $6,975 luxury pricing. Against The Wellington Worx Building at 436 Wellington St W (0.09 km, one closed lease, $3,550 average rent, $3.74 per square foot, 950 square feet), the subject commands a $70-per-month higher realized rent. The Well – Signature Series at 455 Wellington St W (0.14 km, two closed leases, $6,975 average rent, $5.39 per square foot, 1,301 square feet) trades at a $3,355-per-month premium over the subject. Victory Condominiums at 478 King St W (0.15 km, five closed leases, $2,515 average rent, $4.06 per square foot, 622 square feet) realizes a rent $1,105 lower than the subject. The Taylor at 57 Spadina Avenue (0.16 km, one closed lease, $3,184 average rent, $5.29 per square foot, 602 square feet) trades at a $436-per-month discount to the subject. All four comparables recorded at least one closed lease transaction in the trailing 180-day window, so each provides a realized-rent benchmark rather than a listing-only reference.

400 Wellington West leases at $4.35 per square foot across an average 827-square-foot suite, placing it below the four-comp rate benchmark of $4.62 per square foot and slightly under the 869-square-foot comp average, which frames the building as a mid-rate, mid-size option in a pocket that ranges from compact 602-square-foot units to expansive 1,301-square-foot luxury layouts. Versus The Wellington Worx Building (950 sq ft, $3.74 per square foot), the subject commands a $0.61-per-square-foot (16.3%) premium while providing 123 fewer interior square feet, so the higher rate is not offset by additional space. Against The Well – Signature Series (1,301 sq ft, $5.39 per square foot), the subject trades at a $1.04-per-square-foot (19.3%) discount and provides 474 fewer interior square feet; both the lower rate and smaller footprint reflect the subject's mid-generation positioning rather than a valuation gap. Compared with Victory Condominiums (622 sq ft, $4.06 per square foot), the subject commands a $0.29-per-square-foot (7.1%) premium while delivering 205 more interior square feet, meaning the higher total rent is substantially a function of the larger suite rather than a per-unit-rate markup. The Taylor (602 sq ft, $5.29 per square foot) presents the sharpest trade-off: the subject's realized rent is $436 higher, yet its rate per square foot is $0.94 (17.8%) lower because the subject provides 225 more interior square feet—the nominal rent variance is driven by the expanded footprint, not by a premium asset valuation.

400 Wellington West offers a five-item lifestyle package—Concierge & Security, Gym & Fitness Centre, Party & Lounge Room, Garden & Courtyard, and Meeting Room—that sits in the functional mid-range of its immediate peer set, covering the essentials of fitness, social gathering, outdoor access, and remote-work infrastructure without the aquatic, wellness, or luxury-social layers found in newer towers. The Wellington Worx Building provides only a BBQ Area and Concierge & Security, so the subject clearly outperforms it on fitness, social, and professional amenities. The Well – Signature Series adds an Outdoor Pool and Dining Room & Kitchen beyond the subject's offering, while Victory Condominiums layers on a Media & Theatre Room, Games & Billiards Room, Dining Room & Kitchen, Rooftop Terrace, and Wet Bar that the subject does not include. The Taylor's sixteen-amenity suite—spanning Yoga Studio, Spin Studio, Outdoor Pool, Sauna & Steam Room, Pet Wash Station, Neo Coffee Bar, Cabana, and Music Room—represents a full luxury-wellness tier that 400 Wellington West deliberately does not pursue. The building's package best serves cost-conscious young professionals and small households in the Downtown West corridor who want reliable gym access, a shared outdoor courtyard, a dedicated meeting room for hybrid work, and a party space for social events, without absorbing the rent premium attached to pool decks, spa suites, or rooftop entertainment found in the 2022–2024 luxury cohort.