New Delhi [India], September 22 : India's Real Estate Investment Trust (REIT) market value rose 62 per cent to USD 17.7 billion, overtaking Hong Kong for the first time to become Asia's fourth-largest REIT market by value, with further portfolio expansion expected to support its growth, according to a report by Cushman & Wakefield in March 2026, from USD 11 billion at the end of 2024, the report said.
The market comprised seven REITs, including two small and medium REITs (SM REITs). Six REITs together held around 178 million sq ft of listed portfolio space as of June 2026, with another 36.7 million sq ft under construction or planned.
The expansion has been supported by new listings, with Knowledge Realty Trust and Bagmane Prime Office REIT adding a combined 53.7 million sq ft. Together, they accounted for around three-fourths of the total new space added to the six India REITs between June 2025 and June 2026.
“India’s REIT market has reached an important inflection point, with larger listed portfolios, strong occupancies and a healthy development pipeline reinforcing its institutional depth,” Somy Thomas, Executive Managing Director, Capital Markets, India, at Cushman & Wakefield, said.
Thomas said demand from multinational companies and Global Capability Centres continues to favour high-quality, professionally managed office assets, while recent regulatory measures are widening the investor base and improving access to financing.
Office REIT occupancy remained high amid tightening Grade A vacancy, the report said, while sustained demand from multinational occupiers and continued expansion by GCCs supported the market.
Across Asia, 289 active REIT products had a combined market value of USD 279.4 billion as of March 31, 2026, up 18 per cent from USD 235.8 billion at the end of 2024.
Cushman & Wakefield expects India and the Chinese mainland to remain key growth engines for Asia's REIT market.
Research Director, Asia Pacific, Catherine Chen said investors would increasingly focus on income resilience, operational efficiency, ESG performance and the ability of managers to create value through active asset management.