Major downtown office tower completely empty: RENX report

Empty offices have become the norm in Calgary’s downtown. One expert says commercial vacancy rates are some of the highest in the world. Allie Miller explains what is causing the high rate, and what needs to be done to bring new energy to the city’s core.

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.

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