Asia's overall REIT market also grew, rising 18% to $279.4 billion (from $235.8 billion at the end of 2024), reversing the previous year's decline.
Where India sits in Asia's REIT order
How India got there
Two listings did most of the lifting. Knowledge Realty Trust and Bagmane Prime Office REIT together added 53.7 million sq ft to Indian REIT portfolios between June 2025 and June 2026, about three-quarters of all the new space the six India-listed REITs added in that window. That pushed India's REIT value from $11.0 billion at the end of 2024 to $17.7 billion fifteen months later.
Portfolio scale, as of June 2026: 178 million sq ft held across six listed India REITs; 36.7 million sq ft under construction or planned; 53.7 million sq ft added by new listings alone between June 2025 and June 2026.
Built versus pipeline
India's REIT portfolios are still mostly built space with 178 million sq ft standing versus 36.7 million sq ft in the pipeline. Future growth will depend on both new listings and new construction.
Occupancy has stayed high, helped by steady demand from multinational firms and Global Capability Centres. Recent regulatory changes are also widening the investor base and easing financing for REIT sponsors.
"India's REIT market has reached an important inflection point", says Somy Thomas, Executive Managing Director, Capital Markets, India, Cushman & Wakefield
Thomas added that strong portfolios, high occupancy and a healthy pipeline are giving the sector a firmer base for growth and liquidity ahead.
Who makes up India's REIT market
Cushman & Wakefield counts REIT products, not names, so here's the roster. Five REITs carried most of the period: Embassy Office Parks REIT (India's first, 2019), Mindspace Business Parks REIT, Brookfield India Real Estate Trust, Nexus Select Trust (the only retail-mall REIT) and Knowledge Realty Trust (Sattva/Blackstone-backed, listed 2025). A sixth, Bagmane Prime Office REIT, joined on May 14, 2026 via a ₹3,405 crore IPO; six Bengaluru business parks, tenants including Google and Amazon, ~99% occupancy at listing.
This six-REIT roster backs the 178M/36.7M sq ft figures above, after Bagmane listed.
The wider Asia picture
China led new listings across the region with 21 of Asia's 27 new REITs between end-2024 and March 2026, well ahead of Thailand, Japan, Malaysia and South Korea combined. Its 79 infrastructure REITs are now worth $32.1 billion. A new pilot programme, launched late 2025, is starting to widen C-REITs beyond pure infrastructure.
Japan ($101.4B) and Singapore ($76.7B) stayed largely stable and the region's growth came mostly from India and China moving up. Catherine Chen of Cushman & Wakefield expects that to continue: China and India as the key growth engines, while Japan and Singapore focus on efficiency over expansion.
Cushman & Wakefield frames the broader shift as India and China's REIT markets moving from emerging platforms toward institutional scale. Looking forward, the firm expects investors across Asia to grow more selective, weighing income resilience, operational efficiency, ESG disclosure and a manager's ability to create value through active asset management rather than simply rewarding market growth on its own.
