Asia REIT market grows 18 pc since 2024-end, India to be key growth engine: Report

New Delhi: Asia’s real estate investment trust market expanded to $279.4 billion as of FY26 end, up 18 per cent from 2024-end, with India emerging as the principal engines of regional growth, a report said on Monday.

The report from Cushman & Wakefield said India’s REIT market value rose 62 per cent to $17.7 billion, up from $11 billion in end 2024.

There were 289 active REIT products in Asia and mature markets such as Japan, Singapore and Hong Kong stabilised while the Chinese mainland and India gained momentum through new listings, expanded asset classes and deeper institutional participation.

Further, ESG disclosure, operational efficiency and asset quality are becoming increasingly important differentiators for investors across Asia's REIT markets.

India’s REIT market also advanced from an emerging platform toward institutional scale, allowing the country to surpass Hong Kong for the first time.

New listings, substantially increased portfolio scale, adding a combined 53.7 million sq ft and accounting for around three-quarters of the total new space added to the six India REITs between June 2025 and June 2026. Office REIT occupancy remained high amid tightening Grade A vacancy, while sustained multinational occupier demand and continued expansion by Global Capability Centres (GCCs) remain.

As of June 2026, six listed REITs collectively held approximately 178 million sq ft, with a further 36.7 million sq ft under construction or planned.

“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," said Somy Thomas, Executive Managing Director, Capital Markets, India, at Cushman & Wakefield.

Demand from multinational companies and GCCs continues to favour high-quality, professionally managed office assets, while recent regulatory measures are widening the investor base and improving access to financing, Thomas said.

He added that these developments create a stronger foundation for continuous REIT portfolio growth and market liquidity.

“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,” said Catherine Chen, Research Director, Asia Pacific, at Cushman & Wakefield

The opportunity set is becoming broader, while investors will be increasingly discerning about income resilience, operational efficiency, ESG performance and the ability of managers to create value through active asset management, Chen said.

The Chinese mainland contributed 21 of the 27 new listings in Asia between end 2024 to March 2026, far outpacing other new listings from Thailand, Japan, Malaysia and South Korea.

Nearly 79 public infrastructure REITs were listed in the Chinese mainland, with a cumulative issuance value of approximately $31.3 billion and a combined market value of $32.1 billion.

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