Myanmar OfficeOffice Myanmar
In Myanmar, BLP closes office due to work shortage
Leighton Paisner closes his office in Yangon, Myanmar, due to a shortage of work. The office's general manager, Chris Hughes, and his four Myanmar-based attorneys will leave the office. "Since most of the work related to Myanmar is currently managed from the BLP office in Singapore, the stream of domestically produced businesses does not warrant that we currently have a on-site physically presence," the company said in a declaration.
From its offices in Singapore and Hong Kong, the law office will further work on Myanmar deals. The BLP office in Yangon opened in November 2015 after employing Hughes, former CEO of the Baker McKenzie office there. Since 2014, the law office has been present in South-East Asia when the law office Legal network Consultants (LNC) became a member of BLP's Asia group.
Since 2012 BLP has been working in Myanmar.
Burma - Intergovernmental Conference
These can be beehives of commercial activities and interactions or centers of overload and criminality. Myanmar has started a restricted decentralization drive since 2011, and there is pressure to push it forward. The Intergovernmental Conference in Myanmar began in 2012 and concentrated on substantiating the country's policy with facts at a period of current upheaval.
The Myanmar Intergovernmental Conference has advised policy makers on a wide range of subjects such as employment regulations, mobility, public finance administration, managing resources, FDI, job generation and infrastructure as well as questions of employment and infrastructure inequality.
Increasingly fierce competitive pressure on office rents in Yangon
For the first year in five consecutive periods, office rents have dropped, according to Colliers International's fourth quarterly 2017 Yangon office rentals. Prices have currently slid from $45 per sq. m. to $43, the document said. With more and more state-of-the-art office spaces available in Yangon, current office letting companies have reduced their prices by up to 25 per cent this quarterly period in order to remain highly competetive.
"These properties, which previously had premier rents, have lowered prices in the face of increasing competition," said Joan Mae Lee, research and consulting analyst at Colliers International Myanmar. Colliers International reported that its office space totalled more than 356,000 sqm as of December 31, 2017. New office pools were all outside the city centre, such as Pyin Nyein Thu in Myangone and the Golden City Business Centre in Yankin Crystal Tower and The Regency, both in Kamaryut Town.
"We anticipate a further growth in the inner cities, with a significant rise in the inner cities only after the completion of Yoma Central in 2021," said Paul Ahlgrim, Colliers' property sen.man. After completion, the Yoma Central joint residential and commercial complex will include two Class A office buildings, a commercial property, luxurious homes and managed suites.
It is anticipated that the competitive environment will become tougher in the short to middle terms in the next few months due to new trends such as the Kantharyar Centre, Time City and M Tower. They will include international benchmarks such as ascent system, high ceilings and more generous lobby. In particular, the looming trends have compelled even office blocks such as Sule Square and Junction City to retain uniform quality in order to remain in play.
We are advising designers who are considering new office development in Yangon "to be strategically involved in their early work.