Recognising Myanmar's enormous growth potential and to support businesses entering this emerging nation, Colliers International has opened a new office in Yangon. Tony Picon has been appointed as Managing Director, Myanmar, Colliers International.
This is a strategic expansion of Colliers, which continues to grow its geographic coverage. Colliers now operates 39 offices in 14 countries throughout Asia.
"Colliers is the first global real estate services firm to enter the Myanmar real estate market," says Piers Brunner, Chief Executive Officer, Asia, Colliers International. "We see huge potential in the country, with many of our clients seeking new opportunities in what is arguably the last major frontier market in the region. It is important for us to have the operation in place in order to assist our clients as they expand their business or real estate portfolio in Myanmar."
"Tony was previously Head of Research at Colliers Thailand, and began to focus on Myanmar real estate two years ago. Tony moved to Yangon in 2012. He has the knowledge and expertise to help our clients understand Myanmar's property market," adds Brunner.
In 2011, Colliers published the Yangon Property Market Report, which is still recognised as the only extensive real estate research report in the country.
Myanmar offers great opportunities, but also significant challenges. Office rents are now passing US$100 per square metre per month, making them among the highest in South East Asia. The cost of Yangon office space now rivals that of Hong Kong and Singapore. Quality apartments are hard to find and hotel rates are increasing.
"Myanmar has remained more or less isolated for the past 60 years, and there are gaps in services here. It is therefore important for us as a service provider to manage expectations, and align the interests of local businesses and foreign companies that want to invest in the country," says Picon.
Picon adds that Colliers wants to become part of the local community and Myanmar's development. Colliers' extensive training programmes will help equip the local staff to deliver quality services and operate to international standards.
About Colliers International
Colliers International is a global leader in commercial real estate services, with over 13,500 professionals operating out of more than 482 offices in 62 countries.