India’s REIT market has reached a new institutional milestone, with market value rising 62% to $17.7 billion by March 2026, according to Cushman & Wakefield. The country has overtaken Hong Kong to become Asia’s fourth-largest REIT market, backed by strong office demand, GCC expansion and a growing development pipeline.
India’s real estate investment trust (REIT) market is moving deeper into the institutional mainstream, with market value climbing 62% from the end of 2024 to $17.7 billion by March 2026, according to Cushman & Wakefield’s Asia REIT Market Insight 2025–2026.
The rise pushed India past Hong Kong for the first time, making it Asia’s fourth-largest REIT market by market value. The growth comes as the broader Asian REIT market also expands. As of March 31, 2026, Asia had 289 active REIT products worth a combined $279.4 billion, an 18% increase from the end of 2024.
While established markets such as Japan, Singapore and Hong Kong posted moderate growth, the Chinese mainland and India emerged as the region’s main growth engines.
Office Assets Remain the Core Growth Driver
India’s expansion has been strongly linked to the office sector. New listings, including Knowledge Realty Trust and Bagmane Prime Office REIT, added a combined 53.7 million sq ft to the listed REIT universe, accounting for roughly three-quarters of the new space added across India’s six REITs between June 2025 and June 2026.
As of June 2026, the six listed REITs collectively held approximately 178 million sq ft, with another 36.7 million sq ft under construction or planned.
Office occupancy has remained resilient amid tightening Grade A vacancy. Demand from multinational companies and the continued expansion of Global Capability Centres (GCCs) are also supporting the growth of high-quality, professionally managed office assets.
Somy Thomas, Executive Managing Director, Capital Markets, India, at Cushman & Wakefield, said, “India’s REIT market has reached an important inflexion point”, pointing to larger portfolios, strong occupancies and a healthy development pipeline.
Capital and Regulation Support the Next Phase
A broader institutional ecosystem is also supporting the growth. Recent regulatory measures are widening the investor base and improving access to financing, while larger portfolios are helping deepen market liquidity.
Thomas said demand from multinational companies and GCCs continues to favour high-quality office assets, creating a stronger foundation for continued portfolio growth.
For landlords and office developers, the expanding REIT platform provides another route to recycle capital from stabilised assets while creating opportunities for investors to gain exposure to income-producing commercial real estate.
Data Centres and Hospitality Enter the Spotlight
The next phase of Asian REIT growth could extend beyond traditional office and infrastructure assets. Cushman & Wakefield expects data centre and hospitality REITs to remain increasingly visible, supported by AI-driven digital infrastructure demand and the recovery in tourism.
Across Asia, investors are also becoming more selective. ESG performance, operational efficiency, income resilience, asset quality and active asset management are increasingly shaping investment decisions.
Catherine Chen, Research Director, Asia Pacific, at Cushman & Wakefield, said, “The opportunity set is becoming broader”, while investors will increasingly assess how effectively managers can create value.
For India, the combination of rising REIT market value, strong office fundamentals, GCC demand and a substantial development pipeline signals a market that is becoming broader, deeper and more institutional in character.
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