On April 1, a new California law went into effect that increases the minimum wage to $20 for restaurants that have at least 60 locations nationwide.
The move has caused havoc in the restaurant industry, with JLL advising restaurant owners and landlords about its impact, such that some restaurant franchises are being very cautious about expansion in California.
"If we do see restaurants vacate California, this will create much-needed restaurant space for others to occupy, given a lack of supply in many areas," said JLL managing director Blake Kaplan.
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