The local companies as well as foreign investors are expanding their activities in Myanmar and this has resulted in a shortage of office in the erstwhile capital city of Yangon. In turn, it has led to a real estate boom in the commercial capital and rental rates for office space in Yangon have more than quadrupled in buildings such as Sakura Tower located in the downtown financial district. For the smallest office space of 175 sq. meters in this tower, the rent could be as high as $5,000 per month. The scenario at Centrepoint Towers, the impressive commercial complex that overlooks Sule Pagoda’s golden dome, located in a prime area close to the colonial quarter with architectural conservation zones and renovated Edwardian buildings is very much the same. A year ago, the rental rate in this tower had been just $13 per sq. meter. Today, it is as high as $85. The prime office space offered for rent by York Center in Yangon ranges from 654 sq ft to 4,144 sq ft. This is best suited for organizations that seek to establish a presence in flexible and affordable terms.
Yangon Central Business District
Downtown Yangon, referred to also as the Yangon CBD (formerly the Cantonment), is Yangon's central business district. It is located very close to the metropolitan area's geographic center. Downtown Yangon is geographically bounded by the Pun Hlaing River on the west, Pazundaung Creek on the east and the Hlaing River on the south.
Types of Office Space In Yangon CBD
Based on your need, you can choose the type of office space that will best suit your needs. The different types of office space available are as follows:
Service or Shared office
Serviced or shared offices provide the ideal solution if you want to establish an office in Yangon, Myanmar. These pre-cabled and furnished offices can be occupied immediately and you also benefit because the facilities are often shared by the tenants. The amenities include meeting rooms, kitchens, pay-as-you-go services and a staffed reception. The monthly rental is often fixed in advance and it guarantees a great deal of cost control for you. If you are looking at a commitment of less than 5 years, serviced offices make a lot of sense.
Shared offices are same as serviced offices, but you will not get a private cabin. You will be provided with a dedicated desk in a secure area. A shared office is best suited for start-up companies, creative freelancers, etc.
A managed office space in Yangon bundles all of the property services required for your business in a single contract. The cost is fixed and a single supplier manages the whole process. There is no capital outlay involved and it is delivered on time according to your budget and specifications.
A virtual office space in Yangon offers all the benefits that a serviced office provides without you paying for it full time. You can choose from a list of benefits that are presented to you and they include a prestigious business address; a full parcel, fax and postal service; access to high-quality meeting rooms and a dedicated telephone number, among others.
The Yangon Region administration is in the process of developing five secondary central business districts as part of the Greater Yangon Strategic Development Plan. These secondary central business districts are being developed in different areas in order to reduce traffic jams and overcrowding.