Demand for quality office spaces is predicted to rise given the reforms regarding the easing of sanctions for foreign banks and foreign insurance providers.

SoeThein, deputy governor of the Central Bank of Myanmar (CBM), said Myanmar’s financial sector reforms gaining momentum; this will further the country plans to allow more foreign banks in to provide limited services.

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Eleven Myanmar reported that he said the third round of issuances of licences for foreign banks would be opened by the end of this year. The CBM’s foreign banks selection committee already approved 15 criteria for the selection of an eligible consulting firm to provide advisory services for the process of awarding licences to foreign banks that already have a representative office in Myanmar.

SoeThein said the CBM would finalise the selection of the consultancy firm by early next month. Myanmar will select only one consultancy firm among the four finalists, Deloitte Touche Myanmar Vigour Advisory Ltd; PricewaterhouseCoopers (PWC) Myanmar Co; EY UTW Advisory Ltd; and Roland Berger Co.

“In late May, we invited a total of eight consultancy services to submit proposals for providing advice on the selection of foreign banks. Half of them submitted RFP [request for proposal] on June 24,” he said.

According to Colliers demand for quality office spaces is predicted to rise given the reforms regarding the easing of sanctions for foreign banks and foreign insurance providers.

Following its predictions from the previous quarters, it is likely that the main offices of most of these companies will remain focused on downtown. Foreign institutions are most likely to choose Grade A or Grade B quality office space which will be for mostly operations.

Colliers expects the market to experience a more competitive rental environment in the next three years. This should create a drive for potentially large-sized businesses to scale up operations, as well as small and medium sized tenants to relocate in formal office buildings.

Source: Central Bank of Myanmar, Colliers International Myanmar, Eleven Myanmar, Deloitte Touche Myanmar Vigor Advisory

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