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Commercial real estate development in Myanmar has increased, as many foreign investors have shown interest in moving offices into the country. This continued transition could trigger improvements in multiple other aspects of the country's commercial market, according to The New York Times.
Currently, the country's capital, Yangon, has less than 650,000 square feet of office space, which isn't even the size of Bangkok's largest office tower. However, in order to help meet the burgeoning demand for office and hotel space, there needs to be a group of Asian developers taking advantage of the new opportunities, the news source explained.
"[Some people think Yangon] will be like Bangkok and that getting a room is easy," Tony Picon, associate director at Colliers Thailand, told the news source. "I have seen a couple of people's eyes glaze over when the reality hits during their visit to Yangon."
The country's government has also considered relaxing some property laws in the country to make development more attractive, the news source added, citing Colliers. This could make the laws similar to other countries in Southeast Asia.
