Illumina — Rental Market Data

Illumina's average realized lease rent of $2,730 per month exceeds the overall comp benchmark of $2,476 per month by $254, positioning the building above every active nearby competitor in nominal terms. The Palace at 1270 Maple Crossing Blvd (0.26 km, built in 1998) closed four leases at an average of $2,544 per month, $2.80 per square foot, and 926 square feet, meaning Illumina commands $186 more per month despite offering 278 fewer square feet. Strata at 551 Maple Ave (0.28 km, built in 2013) closed three leases averaging $2,583 per month, $3.25 per square foot, and 798 square feet, with Illumina trading $147 higher monthly while providing 150 fewer square feet. Grande Regency at 1276 Maple Crossing Blvd (0.2 km, built in 1992) closed one lease at $2,300 per month, $3.15 per square foot, and 730 square feet, placing Illumina $430 above that single transaction with 82 fewer square feet. Maples at 1272 Ontario St (0.12 km, built in 2000) recorded zero lease transactions over the trailing 180 days and therefore carries no realized rent benchmark against which to compare Illumina's pricing.

Illumina leases at $3.49 per square foot across an average 648-square-foot suite, a rate that commands a premium over all three active nearby competitors while delivering fewer interior square feet than each one. Against The Palace ($2.80 per square foot, 926 sq ft), the subject trades at a $0.69 per square foot (24.6%) premium and provides 278 fewer interior square feet, meaning the higher monthly rent of $186 is driven entirely by the elevated per-square-foot rate rather than additional space. Versus Strata ($3.25 per square foot, 798 sq ft), Illumina commands a $0.24 per square foot (7.4%) premium while offering 150 fewer square feet, so the $147 monthly differential reflects a tighter suite footprint priced at a higher unit rate. Against Grande Regency ($3.15 per square foot, 730 sq ft), the subject trades at a $0.34 per square foot (10.8%) premium with 82 fewer square feet, and the $430 rent gap is the steepest in the set because the 1992 building's single closed lease landed at a notably low $2,300. In every case the nominal rent variance is a function of the per-square-foot premium applied to a smaller interior footprint, not an asset-valuation gap driven by extra space.

Illumina offers a seven-item amenity package—Concierge & Security, Gym & Fitness Centre, Party & Lounge Room, Rooftop Terrace, BBQ Area, Games & Billiards Room, and Media & Theatre Room—that is leaner in total count than the 14-to-18-feature suites at Grande Regency, The Palace, and Strata but includes a Media & Theatre Room absent from every named competitor. The Palace (0.26 km) and Strata (0.28 km) both feature indoor and outdoor pools, hot tubs, and racquetball courts that Illumina does not provide, while Grande Regency (0.2 km) adds an outdoor pool, tennis and pickleball courts, a woodworking room, and a tanning bed. Maples (0.12 km), which recorded zero lease transactions and serves only as a structural reference, includes a Sauna & Steam Room and Meeting Room not found at Illumina. The building's package is oriented toward social and entertainment use—party lounge, games room, rooftop terrace with BBQ, and the signature media theatre—rather than aquatic or court-sport recreation, making it best suited to young professionals and small households who prioritize a modern social hub, fitness access, and a low-maintenance lifestyle over resort-style pools and racquet facilities.