Myanmar’s macroeconomic performance has continued to experience gains in recent years. Major part of this big leap from 2011 is the easement of sanctions for various key industries, according to a recent property market report released by the global consultancy firm, Colliers international Myanmar. As explained by Mr. Paul Ryan Cuevas, Senior Research Analyst of Colliers International Myanmar, the said liberalisation resulted to a burst of interest from numerous companies and contributed to the upward course of office demand since then.

As of Q1 2019, Colliers noted that both citywide occupancy and net take up levels continue to rise. Amongst the industries, the financial sector topped the office tenancy mix, representing almost 20% of the market share. This is followed by commercial and professional services industry (17%), capital goods (11%), and information technology (11%). “With the immense interest of the government in further liberalising more sectors, we can expect office space requirements to rise in 2019 onwards as more investors set a foothold into the country,” said Ms. Hninn Ei Kyaw, Senior Leasing Manager of Colliers International Myanmar.

Meanwhile, Yangon office stock was unchanged QOQ at more than 387,900 sq meters (4.2 million sq feet) of leasable space. Given the slow-moving construction activity across the city, Colliers advises developers and landlords to refurbish older projects in order to compete successfully with newer developments. “This, on the back of the heightening number of foreign companies entering Myanmar along with the strong local expansion plans, should prompt these key players to continually be strategic with their plans,” said Mr. Cuevas.