Asia's real estate investment trust (REIT) market has reached $279.4 billion as of the end of FY26. That is an 18% increase from the end of 2024. According to a Cushman & Wakefield report released on Monday, India is playing the most important role in this expansion, with its REIT market value rising 62% to $17.7 billion.
This story is based on the Cushman & Wakefield report as published by IANS. All figures and statements in this article are drawn from that report.
The Current Picture of Asia's REIT Market
According to the report, Asia currently has 289 active REIT products. The market's direction now appears to be split in two. Mature markets such as Japan, Singapore and Hong Kong have stabilised, while the Chinese mainland and India are gaining momentum on the back of new listings, an expanded range of asset classes and deeper participation from institutional investors.
The report also notes that ESG disclosure, operational efficiency and asset quality are becoming increasingly important yardsticks for investors. In other words, it is not just size but the quality of management that is now separating one REIT market from another.
India: From $11 Billion to $17.7 Billion
India's numbers are the most notable part of this report. At the end of 2024, the country's REIT market was worth around $11 billion. It has now grown to $17.7 billion, an increase of 62%, well above the 18% average expansion for Asia as a whole.
This growth carried India past Hong Kong's REIT market for the first time. According to the report, the Indian REIT market has moved from an emerging platform towards institutional scale.
Six REITs, a 178 Million Sq Ft Portfolio
As of June 2026, the six listed REITs in India collectively held around 178 million sq ft of space. A further 36.7 million sq ft is under construction or in the planning stage. This pipeline suggests there is room for expansion beyond the existing portfolio.
June 2025 to June 2026: A Large Addition of New Space
According to the report, a total of 53.7 million sq ft of new space was added across India's six REITs between June 2025 and June 2026. This accounts for around three-quarters of all new space added during that period. New listings and a substantial increase in portfolio size contributed to the jump.
Office REITs: High Occupancy, Tightening Grade A Vacancy
The report says occupancy in office REITs remains high, while vacancy in Grade A office space is tightening. Alongside this, demand from multinational companies continues, as does the expansion of Global Capability Centres (GCCs).
According to Somy Thomas, Executive Managing Director, Capital Markets, India at Cushman & Wakefield, demand from multinationals and GCCs continues to favour high-quality, professionally managed office assets.
Regulatory Measures and the Investor Base
Thomas said recent regulatory measures are widening the investor base and improving access to financing. In his view, these developments create a stronger foundation for continuous growth in REIT portfolios and for market liquidity.
He said, "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."
Chinese Mainland: Leading in New Listings
According to the report, 27 new REITs were listed in Asia between the end of 2024 and March 2026, of which 21 were on the Chinese mainland alone. Listings in Thailand, Japan, Malaysia and South Korea were far fewer by comparison.
The Chinese mainland has roughly 79 public infrastructure REITs listed. Their cumulative issuance value is around $31.3 billion and their combined market value is $32.1 billion.
Why Is India Seen as a Growth Engine?
The facts in the report point to several reasons. First, India's 62% expansion is far faster than the regional average. Second, there has been a large increase in new listings and portfolio size. Third, demand from multinationals and GCCs for office space continues. Fourth, regulatory measures are widening the investor base and the routes to financing. (This is a summary of these facts, not a separate conclusion of the report.)
Catherine Chen, Research Director, Asia Pacific at Cushman & Wakefield, said, "Looking ahead, we expect the Chinese mainland and India REIT markets to remain the region's key growth engines, while established markets focus on operating efficiency, capital structure and selective portfolio expansion."
Changing Yardsticks for Investors
According to Chen, the opportunity set is becoming broader, but investors will be increasingly discerning about income resilience, operational efficiency, ESG performance and managers' ability to create value through active asset management.
What Next for India's REIT Market?
According to the report, the 36.7 million sq ft pipeline in India, high office occupancy and demand from multinationals and GCCs are underpinning the market. Cushman & Wakefield expects India and the Chinese mainland to remain the region's key growth engines. It also says investors' focus on income stability, ESG and the quality of asset management will deepen further. This is the report's assessment, not a guaranteed forecast.
(Disclaimer: This article is for informational purposes only and is not investment advice. Consult a qualified advisor before investing.)
Source: IANS; Cushman & Wakefield report
