The combined market value of 289 active REIT products across major Asian exchanges stood at $279.4 billion as of March 31, 2026, up 18% from $235.8 billion at the end of 2024, the Asia REIT Market Insight 2025–2026 report said.
India accounted for $17.7 billion of the total market value, compared with $11 billion at the end of 2024. The market comprised seven REITs as of March 31, including two small and medium REITs (SM REITs), according to the report.
The Chinese mainland was the biggest source of new REIT listings during the period. Of 27 new REIT listings across Asia between the end of 2024 and March 2026, 21 were in the Chinese mainland.
Japan remained Asia’s largest REIT market by value at $101.4 billion, followed by Singapore at $76.7 billion and the Chinese mainland at $32.1 billion. Hong Kong had a market value of $17.4 billion, marginally below India.
India’s REIT market expands
The report attributed the increase in India’s REIT market value partly to new listings, including Knowledge Realty Trust and Bagmane Prime Office REIT.
These two REITs added a combined 53.7 million square feet to the portfolios of India’s listed REITs and accounted for about three-quarters of the new space added to the six listed REITs between June 2025 and June 2026, the report said.
As of June 2026, six listed REITs in India collectively held around 178 million square feet, with another 36.7 million square feet under construction or planned.
Office assets continue to account for a significant part of India’s REIT market. The report said occupancy levels remained high, supported by demand from multinational companies and Global Capability Centres (GCCs), even as Grade A office vacancy tightened.
Somy Thomas, executive managing director, Capital Markets, India, at Cushman & Wakefield, said the expansion of listed portfolios and development pipelines had increased the institutional depth of the market.
Chinese mainland drives new listings
The Chinese mainland had 79 listed public infrastructure REITs as of March 31, with a cumulative issuance value of about $31.3 billion and a combined market value of $32.1 billion, the report said.
The market also broadened beyond infrastructure after the launch of a commercial real estate REIT pilot programme in late 2025. The programme covers assets such as offices, shopping malls, hotels, outlets and mixed-use commercial properties.
The report said this could provide an additional route for owners of stabilised commercial properties to recycle capital.
Japan, Singapore and Hong Kong also grow
REIT markets in the three established centres also recorded gains during the period. Japan’s market value increased 12%, Singapore’s rose 14% and Hong Kong’s grew 8% between the end of 2024 and March 2026.
The report said Japan benefited from improving office fundamentals and hotel performance, while Singapore saw increased acquisition activity. Hong Kong recorded a recovery in valuations alongside policy measures aimed at improving market liquidity.
Across Asia, the report expects data-centre and hospitality REITs to remain areas of activity, citing demand for digital infrastructure and the recovery in tourism. It also said acquisitions and mergers could remain active as REIT managers seek to expand portfolios and diversify assets.
The report noted that investors are increasingly assessing factors such as income resilience, asset quality, operating efficiency and ESG performance alongside portfolio growth.
First Published: Sept 21, 2026 12:13 PM IST