Yangon plays an intrinsic role for Myanmar’s recovery process. Despite the COVID-19 pandemic, the performance of major officer towers and retail shopping malls in the city continued to be resilient given the limited amount of quality office space and the rising popularity of entertainment components in life-style shopping malls across the city. In contrast to the initial forecasts, the economy also proved to be more resilient against the aftermath of the pandemic. In Colliers view, retaining the existing tenants should be the priority for months to come. Providing additional concessions while allowing tenants to revisit rents and reconfigure occupied spaces should keep market afloat. As the recovery gains momentum, landlords and operators are advised to focus on leveraging the domestic demand. This, while being cognizant on the resurgence of foreign investment in the long term.
