Buaya
Reviewer
All depends on when their 5 year lease is due.Rent has not gone up 2x. They have a lease , like all spas for up to 5 years. It does increase yearly but come on.
Any lease that came due the 3rd quarter of last year onwards are seeing this increase. My lease is up November this year. We just sign a new 5 year lease. Base Rent up 2X. With TMI my monthly rent went from $9,000 to $13,500. Why do you think so many restaurants are closing after 10/20 years of business. Lease comes up, Huge increase and they cannot raise their food prices. That combined with having a hard time finding workers.
So any spas with lease coming up this year and next will see this. Unless those at 160 EBC owns those units themselves, they will have to pay. Do you think landlords will not take advantage of market conditions and renew at market value?
Those spas on Yonge Street between Shepard and Steeles will be seeing the largest increases because of the huge premiums based on location.