Asia's real estate investment trust (REIT) market expanded to $279.4 billion as of FY26 end, marking an 18 per cent rise since the close of 2024, with India and the Chinese mainland emerging as the region's principal growth engines, according to a report released on Monday, 21 September 2026. The findings, from global property consultancy Cushman & Wakefield, point to a maturing yet rapidly expanding REIT landscape across Asia Pacific, underpinned by new listings, broader asset classes, and deepening institutional participation.

India's Standout Surge

India's REIT market delivered the most striking performance among regional peers, with its total market value climbing 62 per cent to $17.7 billion from $11 billion at end-2024. This sharp appreciation allowed India to surpass Hong Kong in REIT market capitalisation for the first time — a significant milestone that underscores the country's transition from an emerging REIT platform to one of institutional scale.

As of June 2026, six listed REITs in India collectively held approximately 178 million sq ft of assets, with a further 36.7 million sq ft under construction or at the planning stage. New listings and substantially enlarged portfolios added a combined 53.7 million sq ft between June 2025 and June 2026, accounting for roughly three-quarters of all new space added to the six India REITs over the period. Office REIT occupancy remained high even as Grade A vacancy tightened, supported by sustained demand from multinational companies and continued expansion by Global Capability Centres (GCCs).

What Industry Leaders Said

Somy Thomas, Executive Managing Director, Capital Markets, India, at Cushman & Wakefield, described the moment as a pivotal inflection point. '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,' Thomas said. He added that 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 — developments that 'create a stronger foundation for continuous REIT portfolio growth and market liquidity.'

Catherine Chen, Research Director, Asia Pacific, at Cushman & Wakefield, struck a similarly optimistic tone for the near term. '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,' Chen said. She noted that the opportunity set is broadening, even as investors grow more discerning about income resilience, ESG performance, and active asset management capabilities.

Asia-Wide Picture: 289 Active REITs

Across Asia, there were 289 active REIT products as of the reporting period. Mature markets — Japan, Singapore, and Hong Kong — stabilised their positions, while the Chinese mainland and India drove momentum through fresh listings and expanded asset classes. ESG disclosure, operational efficiency, and asset quality are increasingly becoming differentiators for investors across the region, the report noted.

The Chinese mainland contributed 21 of the 27 new listings in Asia between end-2024 and March 2026, far outpacing new issuances from Thailand, Japan, Malaysia, and South Korea. Nearly 79 public infrastructure REITs were listed on the mainland, with a cumulative issuance value of approximately $31.3 billion and a combined market value of $32.1 billion.

What This Means for Indian Real Estate

India's REIT evolution reflects a broader structural shift in how institutional capital is accessing domestic commercial real estate. The combination of GCC-driven office demand, regulatory improvements, and improved liquidity mechanisms has moved India's REIT ecosystem from a nascent experiment — the country's first REIT listed only in 2019 — toward a credible institutional asset class. The milestone of overtaking Hong Kong is notable not just symbolically but as a signal to foreign institutional investors that India's REIT market now offers scale and depth comparable to established Asian peers.

With the development pipeline robust and regulatory tailwinds continuing, India is widely expected to consolidate its position as one of Asia's top-tier REIT markets through the remainder of this decade.