India overtakes Hong Kong to become Asia’s fourth-largest REIT market
- IBEF
- September 22, 2026
India has emerged as Asia’s fourth-largest Real Estate Investment Trust (REIT) market by market value, overtaking Hong Kong for the first time, according to Cushman & Wakefield’s Asia REIT Market Insight 2025-2026. India’s REIT market value increased 62% from Rs. 0.93 lakh crore (US$ 11 billion) at the end of 2024 to Rs. 1.64 lakh crore (US$ 17.70 billion) as of March 2026, exceeding Hong Kong’s Rs. 1.61 lakh crore (US$ 17.40 billion). The broader Asian REIT market also expanded, with 289 active REIT products valued at Rs. 24.6 lakh crore (US$ 279.40 billion) as of March 31, 2026, up 18% from Rs. 19.92 lakh crore (US$ 235.80 billion) at the end of 2024. New listings, strong office occupancy and growing institutional participation supported India’s market expansion. Knowledge Realty Trust and Bagmane Prime Office REIT added a combined 53.7 million sq. ft, accounting for around three-fourths of the total new space added to India’s six REITs between June 2025 and June 2026.
As of June 2026, six listed Indian REITs collectively held around 178 million sq. ft, with another 36.7 million sq. ft under construction or planned. Demand from multinational companies and Global Capability Centres (GCCs), along with resilient demand for Grade A office space, continued to support professionally managed office assets. India ranked behind Japan, Singapore and the Chinese mainland, which had REIT market values of Rs. 8.9 lakh crore (US$ 101.4 billion), Rs. 6.7 lakh crore (US$ 76.7 billion) and Rs. 2.9 lakh crore (US$ 32.1 billion), respectively, as of March 31, 2026. India accounted for 6% of Asia’s total REIT market value, with seven REIT products, including two SM REITs. Cushman & Wakefield expects India and the Chinese mainland to remain key growth engines for Asia’s REIT market, supported by new listings, development pipelines and institutional participation. Data centre and hospitality REITs are also expected to remain prominent, supported by artificial intelligence-driven digital infrastructure demand and tourism recovery.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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