Property owners wanted to develop land to take advantage of new economic opportunities. The problem is existing buildings were full of leased tenants says a recent Globe and Mail story. This can create problems says John Crombie, a national retail director with real estate brokerage Cushman & Wakefield Inc.
“The terms and conditions of a lease are binding on the owner of the property,” he sayss. “If a lease has been executed and a tenancy has, say, 10 more years without any termination issues, then it’s a fight. If the tenant doesn’t want to move, and refuses to play ball, the landlord can really be in a pickle.”
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