India Overtakes Hong Kong to Become Asia’s Fourth-Largest REIT Market

India has moved ahead of Hong Kong to become Asia’s fourth-largest Real Estate Investment Trust market by market value, marking a major expansion of the country’s institutional real estate sector.

According to Cushman & Wakefield’s Asia REIT Market Insight 2025–2026, the market value of Indian REITs increased from about US$11 billion at the end of 2024 to US$17.7 billion by March 31, 2026, representing growth of approximately 62%. The expansion placed India ahead of Hong Kong for the first time in the regional rankings.

India accounted for around 6% of the total Asian REIT market value, with seven REIT products included in the study, including two small and medium REITs. Hong Kong had 11 REITs valued at approximately US$17.4 billion and also held around a 6% share of the regional market.

India Moves Into Asia’s Top Four REIT Markets

Japan remained Asia’s largest REIT market with 58 REITs carrying a combined market value of approximately US$101.4 billion, followed by Singapore with 39 REITs valued at US$76.7 billion.

The Chinese mainland occupied third position with 79 REITs and a combined market value of approximately US$32.1 billion. India followed at US$17.7 billion, ahead of Hong Kong at US$17.4 billion.

The ranking reflects the rapid development of India’s listed real estate investment market since the country introduced its first major office REITs. Large institutional portfolios, new listings and continued investor participation have progressively increased both the scale and visibility of the sector.

New REIT Listings Add More Than 53 Million Sq Ft

A major part of the recent expansion came from new listings, particularly Knowledge Realty Trust and Bagmane Prime Office REIT.

Together, the two trusts added approximately 53.7 million sq ft to India’s listed REIT portfolio and accounted for about three-quarters of all new space added to the six principal Indian REITs between June 2025 and June 2026.

Bagmane Prime Office REIT was formally listed on the BSE and NSE in May 2026, following the filing of its final offer document with the Securities and Exchange Board of India. Exchange filings confirm that its units began trading on May 14, 2026.

The addition of large office portfolios has allowed the Indian REIT market to move beyond its earlier phase of limited listed inventory and towards a much larger pool of institutional-grade commercial properties.

Listed REIT Portfolio Reaches 178 Million Sq Ft

By June 2026, six listed Indian REITs collectively controlled approximately 178 million sq ft of real estate, according to Cushman & Wakefield.

A further 36.7 million sq ft was either under construction or planned, providing the listed sector with a sizeable future development pipeline.

The scale of this portfolio is particularly significant because Indian REITs remain heavily concentrated in large Grade A office developments located in major technology and business centres.

These properties are typically occupied by multinational corporations, technology companies, financial institutions and Global Capability Centres, providing REIT portfolios with long-term institutional tenants and relatively stable rental income.

Global Capability Centres Drive Office Demand

The continued expansion of Global Capability Centres in India has become one of the most important demand drivers for institutional office space.

International companies have steadily increased their technology, engineering, finance, analytics, research and shared-service operations across cities such as Bengaluru, Hyderabad, Mumbai, Pune, Chennai, Gurugram and Noida.

This expansion has supported strong occupancy across office REIT portfolios at a time when vacancy levels in several Grade A commercial markets have tightened.

Cushman & Wakefield said sustained demand from multinational occupiers and GCCs continues to favour high-quality, professionally managed office developments, reinforcing the operating base of listed REIT portfolios.

India’s REIT Market Moves Towards Institutional Scale

India’s growth is significant not only because of the change in regional ranking but also because of the structural evolution of its real estate investment market.

Commercial property ownership in India was historically dominated by developers, private investors and large institutional funds. The development of REITs has created a listed structure through which income-generating commercial assets can be aggregated into large portfolios and accessed by a much broader investor base.

REITs also provide developers and institutional owners with a mechanism to release capital from completed properties while retaining professional management of the underlying assets.

The increase in portfolio size and the entry of additional trusts have therefore widened the pool of Indian commercial real estate available through listed investment vehicles.

Asian REIT Market Reaches US$279.4 Billion

India’s rise has occurred during a wider expansion of the Asian REIT market.

Cushman & Wakefield counted 289 active REIT products across major Asian markets as of March 31, 2026, with a combined market value of approximately US$279.4 billion.

That represented an increase of around 18% from US$235.8 billion at the end of 2024.

Japan, Singapore and Hong Kong recorded market-value increases of 12%, 14% and 8% respectively during the same period, while India and the Chinese mainland recorded more rapid structural expansion through new issuance and broader participation.

China Adds Most New REIT Listings

The Chinese mainland was the largest source of new REIT issuance in Asia during the period covered by the report.

China accounted for 21 of the 27 new REIT listings across Asia between the end of 2024 and March 2026, giving it 79 listed public infrastructure REITs with a market value of approximately US$32.1 billion.

Its REIT framework also expanded beyond infrastructure following the introduction of a commercial real estate pilot programme covering assets such as offices, shopping centres, hotels and mixed-use properties.

The expansion in China and India shows how the centre of new REIT issuance in Asia is gradually widening beyond the mature markets of Japan, Singapore and Hong Kong.

Data Centres and Hospitality Emerging as New REIT Assets

The next stage of REIT expansion across Asia is also expected to involve a wider range of property categories.

Data centres are becoming particularly important as artificial intelligence, cloud computing and digital services increase demand for large-scale computing infrastructure.

Hospitality properties are also receiving greater attention as tourism and business travel continue to recover across the region.

For India, the broadening of REIT structures beyond conventional office portfolios could eventually create listed investment opportunities across additional income-generating real estate segments.

A Larger Institutional Real Estate Market Takes Shape

India’s move above Hong Kong represents a significant milestone for a REIT market that remains relatively young compared with those of Japan and Singapore.

The increase to US$17.7 billion in market value, the expansion of listed portfolios to around 178 million sq ft and the development pipeline of another 36.7 million sq ft show how quickly institutional ownership of Indian commercial real estate is scaling.

The growth of GCCs, multinational corporate occupiers and professionally managed Grade A office portfolios has provided the operating base for that expansion.

With new listings adding larger property portfolios and institutional participation deepening, India’s REIT market has moved from an emerging investment structure into one of the major listed real estate markets in Asia.

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References

Cushman & Wakefield — Asia REIT Market Insight 2025–2026, released September 21, 2026.

Cushman & Wakefield — Asia REIT Market Value Grows 18% as Chinese Mainland Drives New Listings and India Becomes Asia’s Fourth-Largest REIT Market, September 21, 2026.

Securities and Exchange Board of India — Bagmane Prime Office REIT, Final Offer Document, May 11, 2026.

National Stock Exchange of India — Bagmane Prime Office REIT listing and financial disclosures, May–June 2026.

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