Promenade at Port Royal Place — Rental Market Data

Promenade at Port Royal Place's average realized lease rent of $2,342 per month runs $59 below the four-comp benchmark of $2,401, with the spread driven primarily by its smaller average suite footprint rather than a weaker per-square-foot rate. Palais at Port Royal Place (3 Michael Power Pl, 0.02 km, 8 closed leases) averages $2,575 per month at $3.48 per square foot across 764 square feet, meaning the subject trades at a $233-per-month lower nominal rent while commanding a $0.26-per-square-foot premium over that competitor. Vivid (1 Michael Power Pl, 0.04 km, 5 closed leases) averages $2,410 per month at $3.74 per square foot over 654 square feet, placing the subject at a $68-per-month lower rent at identical per-square-foot parity. Port Royal Place V (9 Michael Power Pl, 0.06 km, 1 closed lease) averages $2,300 per month at $4.18 per square foot across 550 square feet, so the subject realizes a $42-per-month higher rent despite trading at a $0.44-per-square-foot discount, a gap explained entirely by its 83 additional square feet. Port Royal Place IV (7 Michael Power Pl, 0.08 km, 3 closed leases) averages $2,317 per month at $3.76 per square foot over 617 square feet, with the subject posting a $25-per-month higher rent at a marginal $0.02-per-square-foot discount and 16 more square feet of interior space.

Promenade at Port Royal Place leases at $3.74 per square foot across an average 633-square-foot suite, positioning it at a slight rate discount to the four-comp average of $3.79 per square foot and 646 square feet while offering a more compact footprint than the two newest towers in the cluster. Against Palais at Port Royal Place, the subject commands a $0.26-per-square-foot (7.5 percent) premium yet provides 131 fewer interior square feet, so the $233-per-month lower nominal rent reflects a smaller interior footprint rather than weaker asset valuation. Versus Vivid, the subject trades at identical per-square-foot parity but delivers 21 fewer square feet, accounting for the $68-per-month rent differential. Against the two 2006-era Port Royal Place towers, the subject trades at a discount per square foot—$0.44 below Port Royal Place V and $0.02 below Port Royal Place IV—yet provides 83 and 16 more square feet respectively, meaning the modestly higher nominal rent ($42 and $25 above those comps) is a function of additional interior space rather than a rate premium. Tenants effectively trade a slightly smaller or comparable footprint for a 2009-built structure with a distinct outdoor-focused amenity package, while the 2006 towers offer more square footage at a higher per-square-foot cost.

Promenade at Port Royal Place differentiates itself from its immediate peer set through an outdoor, family-oriented amenity profile—splash pad, children's playground, outdoor gazebo, and dining room with kitchen—that contrasts sharply with the indoor wellness and entertainment packages dominating the cluster. Palais at Port Royal Place and Vivid both feature indoor pools, sauna and steam rooms, and media/theatre rooms that the subject does not offer, while Port Royal Place IV and V each include a golf simulator and media room absent from Promenade's floor plan. In return, the subject's splash pad and dedicated children's playground give it a genuine edge for households with young kids, a combination only Vivid partially mirrors through its shared splash pad and outdoor playground. The absence of an indoor pool, spa facilities, or golf simulator signals a no-frills interior recreation model, but the presence of a concierge, gym, meeting room, games room, and dining kitchen keeps the building competitive for professionals and families who prioritize outdoor play space and communal dining over luxury aquatic or entertainment amenities. The primary tenant demographic best served by this package is cost-conscious young families and dual-income households in Etobicoke Centre who value a secure, concierge-managed building with dedicated children's outdoor facilities over the indoor pool-and-spa configurations of the 2012–2015 towers across the street.