Calgary has been a highly sought after destination for retailers testing the waters in Canada,report says by CBRE Limited.
Over the last couple of years, several high-profile international retailers have set up shop in the city due to its strong economy and healthy retail sales growth.
That has also led to a demand for more space in the retail market.
The CBRE report says about 1.5 million square feet of new supply is projected to be added to the Calgary market this year, up 1.1 million square feet from 358,495 square feet in 2012.
At the national level, CBRE is forecasting about 5.4 million square feet of new supply this year, trending above the 10-year annual average of 5.2 million square feet.