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Major downtown office tower completely empty: RENX report

Last Updated Feb 25, 2020 at 6:54 am MST

CALGARY (660 NEWS) – For what appears to be the first time ever, a major downtown Calgary office tower is sitting entirely empty.

According to Real Estate News Exchange (RENX), the former Nexen building along 7 Avenue is empty, which is being seen as another bad sign for the oil industry.

Nexen, owned by China’s CNOOC moved to the Bow Tower last year.

A vice president with Devencore, says never in Calgary history has a building of this magnitude in downtown been entirely vacant.

The tower has approximately 600,000 square feet of space available for lease.

The office vacancy rate in downtown Calgary has been hovering around 25 per cent for the past handful of years.