NEW DELHI: India’s real estate investment trust market has crossed a new threshold, with its value rising to $17.7 billion and moving ahead of Hong Kong to become Asia’s fourth-largest REIT market by value. The expansion reflects the growing role of listed commercial property as an institutional investment channel, while demand from multinational companies and global capability centres continues to support office assets.
The market’s value increased 62% from $11 billion at the end of 2024, according to a Cushman & Wakefield report. Seven REITs were part of the market as of 2026, including two small and medium REITs. Six REITs together held about 178 million sq ft of listed portfolio space as of June, with another 36.7 million sq ft either under construction or planned. New listings have been a major factor behind the increase. Knowledge Realty Trust and Bagmane Prime Office REIT together added 53.7 million sq ft to the listed market. The two platforms accounted for roughly three-fourths of the additional space brought into the six REIT portfolios between June 2025 and June 2026. The growth also reflects a shift in how commercial property is being financed and held. REIT structures allow investors to participate in income-generating real estate without directly owning individual buildings. For property owners, the model can provide another route to recycle capital and fund future development.
Office assets remain at the centre of this expansion. Occupancy levels have stayed strong as availability of Grade A office space tightens in several markets. Demand from multinational occupiers and the continued growth of global capability centres are supporting professionally managed office buildings. The broader Asian REIT market is expanding as well. There were 289 active REIT products across Asia with a combined value of $279.4 billion as of March 2026, up from $235.8 billion at the end of 2024. India’s growing share places greater attention on the quality and resilience of its underlying real estate assets. For Indian cities, the expansion of listed property ownership could have wider implications. Well-managed office portfolios depend on reliable transport, power, digital infrastructure and efficient urban services. As more institutional capital enters commercial real estate, the performance of these assets will increasingly depend on how effectively buildings respond to changing workplace needs and environmental requirements.
Cushman & Wakefield expects India and mainland China to remain important growth markets for Asia’s REIT sector. Investors are also expected to examine income stability, operating efficiency, ESG performance and active asset management more closely. For India, the next stage will therefore be less about market size alone. The ability of REITs to maintain occupancy, manage operating costs and improve the long-term performance of urban assets will shape how sustainable this expansion becomes.
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