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India has emerged as Asia’s fourth-largest Real Estate Investment Trust (REIT) market by market value, overtaking Hong Kong for the first time, as the country’s REIT market expanded sharply over the past year, according to Cushman & Wakefield’s Asia REIT Market Insight 2025–2026. The report said India’s REIT market value increased 62% from $11 billion at the end of 2024 to $17.7 billion as of March 2026. This put India ahead of Hong Kong, whose REIT market was valued at $17.4 billion as of March 31, 2026. The rise comes as the broader Asian REIT market also entered a new phase of expansion. Asia had 289 active REIT products with a combined market value of $279.4 billion as of March 31, 2026, up 18% from $235.8 billion at the end of 2024. New listings expand India’s REIT footprint New listings have played a significant role in India's growing REIT market. According to the report, Knowledge Realty Trust and Bagmane Prime Office REIT added a combined 53.7 million sq ft to the market. Together, the two new REITs accounted for around three-fourths of the total new space added to India's six REITs between June 2025 and June 2026. The expansion has also been supported by resilient demand for Grade A office space. Office REIT occupancy remained high amid tightening Grade A vacancy, while demand from multinational companies and continued expansion by Global Capability Centres (GCCs) provided support to the office market. 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, according to the report. Somy Thomas, Executive Managing Director, Capital Markets, India, at Cushman & Wakefield, said India's REIT market had reached an "important inflection point", with larger listed portfolios, strong occupancies and a healthy development pipeline strengthening its institutional depth. Demand from multinational companies and GCCs continues to favour high-quality, professionally managed office assets, while recent regulatory measures have widened the investor base and improved access to financing, he said. India now ranks behind Japan, Singapore and China Despite India's rapid expansion, Japan remains Asia's largest REIT market by value. As of March 31, 2026, Japan had 58 REITs worth $101.4 billion, accounting for 36% of Asia's total REIT market value. Singapore followed with 39 REITs valued at $76.7 billion, while the Chinese mainland had 79 REITs worth $32.1 billion. India ranked fourth with seven REIT products and a market value of $17.7 billion, accounting for 6% of the regional market. The report notes that India's REIT data includes two SM REITs. Hong Kong, meanwhile, had 11 REITs with a combined market value of $17.4 billion, placing it fifth in the regional ranking. China remains the biggest source of new REIT listings The Chinese mainland has been another major driver of Asia's REIT expansion. It contributed 21 of the 27 new REIT listings across Asia between the end of 2024 and March 2026. As of March 31, 2026, 79 public infrastructure REITs were listed in the Chinese mainland, with cumulative issuance of approximately $31.3 billion and a combined market value of $32.1 billion. A key development was the launch of a commercial real estate REIT pilot programme in late 2025. The programme expanded eligible assets beyond infrastructure to include offices, shopping malls, hotels, outlets and mixed-use commercial properties. Cushman & Wakefield said this could create a new capital-recycling channel for stabilised operating assets. Asia REIT market grows 18% The broader Asian REIT market has also seen a recovery across mature markets. Japan, Singapore and Hong Kong recorded market-value growth of 12%, 14% and 8%, respectively, between the end of 2024 and March 2026. Japan benefited from recovering office fundamentals and strong hotel performance, while Singapore entered a more active acquisition phase. Hong Kong recorded valuation recovery alongside policy initiatives aimed at strengthening liquidity. The report expects data centre and hospitality REITs to remain prominent, supported by AI-led digital infrastructure demand and the recovery in tourism. M&A and asset acquisitions are also expected to remain active as managers seek greater scale, diversification and portfolio quality. What next for India’s REIT market? Cushman & Wakefield expects India and the Chinese mainland to remain key growth engines for Asia's REIT market, while established markets increasingly focus on operating efficiency, capital structure and selective portfolio expansion. Catherine Chen, Research Director, Asia Pacific, Cushman & Wakefield, said investors are likely to become increasingly discerning about income resilience, operational efficiency, ESG performance and the ability of managers to create value through active asset management. Also read: India enters top 30 most transparent real estate markets, ranks 26th globally: JLL GRETI 2026 For India, the combination of new REIT listings, a growing portfolio of professionally managed office assets, strong occupancies, GCC demand and a development pipeline has helped the market move from an emerging platform towards greater institutional scale. The latest ranking marks a notable shift in Asia's REIT landscape, with India now ahead of Hong Kong by market value and accounting for $17.7 billion of the region's $279.4 billion REIT market. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. 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