Bruntwood SciTech submitted detailed plans for the £60 million project in April last year, after buying the former college building, known for its pink ‘People Make Glasgow’ graphic,  in 2022.

The company was to bring the current Grade B-listed building back into use and open in Summer 2025, following a 10-year period of vacancy, and construct a new, adjacent 10-storey building set to open in 2026. Combined, the two towers promised to offer more than 200,000 sq ft of serviced and leased office space to supercharge the growth of the city’s tech sector. Full planning permission was granted in November.

Bruntwood SciTech said it was a “difficult decision” and it was looking at options for the tower’s future.

A spokesperson said: “Since our acquisition of Met Tower in 2022, there have been significant changes to the economic climate and construction market caused by inflation and high interest rates, both of which have created viability challenges.

“Like any responsible developer, we have to be flexible and respond to changing circumstances, which means accepting our original vision for the building to create an office workspace is not feasible in the current climate. It is a difficult decision and one we have not taken lightly.

“From our first day in the city, we have been made to feel so welcome by the Glasgow community, and would like to extend specific thanks to Glasgow City Council and Glasgow Chamber of Commerce.

“We recognise the iconic position of this building, the opportunity it provides for the city, and the need for it to be brought back to life as soon as possible.

“We are grateful to all those who have supported us with the planning to date and are working with us to look at all the available options for Met Tower’s future.”

A Glasgow City Council spokesman said: “We will be working with partners to do all that we can to help deliver a sustainable redevelopment of the building and site as quickly as possible.”

The team appointed to work with Bruntwood SciTech on the redevelopment of Met Tower and the new tower consisted of Cooper Cromar, Woolgar Hunter, Atelier Ten, Savills, Ryden, Thomas & Adamson and a wider team of consultants.