Myanmar is thirsty for office space for rent

Avatar of Nick John By Nick John Dec20,2023 #Myanmar #thirsty
Myanmar is thirsty for office space for rent 0
Myanmar is thirsty for office space for rent 0

The white building to the left of the bridge is the Traders Hotel, which the United Nations and several member organizations will have to leave next month.

UN has rented office space in the Robert Kuok commercial hotel since 2007. This is a 5-storey building, used for many different purposes.

`Hotel room rental prices in Yangon have skyrocketed while limited supply cannot meet the booming demand. Hotels now have a better chance of making a profit and returning to their main purpose, which is

Myanmar President Thein Sein has allowed political freedom and loosened economic controls since coming to power two years ago.

The UN has been present in Myanmar, one of Asia’s poorest countries, since the country gained independence 65 years ago, but now cannot afford the expensive rent.

The cheapest one-night rental price in this 305-room hotel is 235 USD, almost twice as expensive as a similar location in Hong Kong (only about 122 USD) and higher than Singapore (197 USD).

`With this massive increase in tourists, Yangon will continue to have a serious shortage of hotel rooms for rent in the next 5 years, especially in the context of construction and real estate shortages, and economic potential.

Strong demand means prices are four times more expensive than in 2007. Langdon calculates that the average rental rate of 208 hotels with a total of 9,110 rooms registered to operate in Yangon has increased 15% to 160 USD this year.

The shortage of hotel rooms is an opportunity for international real estate developers.

Currently, only 8 hotels in Yangon meet international standards.

Tourist arrivals to Myanmar increased 30% to 1.06 million last year.

Some companies, such as Unilever – the world’s second largest consumer brand, have had to rent private houses as offices.

Even office and commercial buildings in the suburbs have been almost full for the past two years.

In the case of UN, rental costs range from 1.5 to 5 USD per square foot depending on the purpose of use.

`Yangon’s real estate market is feverish and UN agencies face increasing office rental costs,` Aye Win said.

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *