The Asian Real Estate Investment Trust (REIT) market has entered a dynamic new phase of growth, with total market valuation rising 18 percent from end-2024 to reach US$279.4 billion across 289 active REIT products as of March 31, 2026.
According to Cushman & Wakefield’s Asia REIT Market Insight 2025–2026, the sector’s expansion is being primarily driven by high-momentum emerging markets—specifically mainland China and India—which are gaining scale through new product offerings, asset class diversification, and deeper institutional investor involvement.
Regional Market Capitalisation and Distribution
Established Asian markets continued to provide structural stability to the regional sector, while emerging platforms registered rapid market share gains. Japan retained its position as Asia’s largest REIT market, accounting for US$101.4 billion or 36 percent of total regional market value across 58 listed funds. Singapore followed with 39 REITs valued at US$76.7 billion, representing a 27 percent market share.
Mainland China expanded its footprint significantly, reaching 79 listed REITs with a combined valuation of US$32.1 billion to capture 11 percent of Asia’s overall market. India’s REIT market value surged to US$17.7 billion across seven listed trusts (including two Small and Medium REITs), allowing it to surpass Hong Kong (US$17.4 billion) for the first time to become the region’s fourth-largest REIT market.
Other active Asian exchange-listed REIT markets as of late March 2026 include Malaysia (19 REITs, US$10.6 billion), Thailand (37 REITs, US$8.6 billion), the Philippines (8 REITs, US$6.6 billion), South Korea (25 REITs, US$6.5 billion), and Taiwan (6 REITs, US$2.0 billion).
Mainland China Broadens Framework Beyond Infrastructure
Mainland China was the region’s principal engine for new capital formation, contributing 21 of the 27 new REIT listings across Asia between the end of 2024 and March 2026. Cumulative issuance value for Chinese public infrastructure REITs reached approximately US$31.3 billion (RMB215.5 billion) across 79 listed vehicles.
Market growth accelerated following the implementation of China’s commercial real estate REIT pilot program in late 2025. The regulatory update expanded eligible underlying asset classes beyond public infrastructure to include shopping malls, office buildings, hotels, outlets, and mixed-use commercial properties, creating a structured capital recycling mechanism for operational assets.
Cushman & Wakefield Greater China Valuation & Advisory Head Andrew Chan noted that regularized infrastructure listings have established baseline liquidity, while the inclusion of commercial real estate creates a secondary growth engine. He added that long-term asset performance will increasingly depend on active asset management, operational efficiency, and ESG credentials.
Institutional Scaling Drives Indian REIT Sector
India’s REIT market value expanded 62 percent from end-2024 to March 2026, supported by high office occupancies, tightening Grade A vacancy rates, and sustained space absorption by Global Capability Centres (GCCs) and multinational corporations.
Major additions, including Knowledge Realty Trust and Bagmane Prime Office REIT, added 53.7 million square feet of space to the market. By June 2026, six listed Indian REITs held a combined portfolio of approximately 178 million square feet of operational real estate, with an additional 36.7 million square feet under development or in planning phases.
Cushman & Wakefield India Capital Markets Executive Managing Director Somy Thomas highlighted that expanding portfolio sizes, healthy development pipelines, and supportive regulatory adjustments have solidified India’s institutional depth and liquidity.
Steady Recovery in Established Markets
Across mature markets, Japan, Singapore, and Hong Kong recorded market value growth of 12 percent, 14 percent, and 8 percent, respectively, between late 2024 and March 2026. Japanese REIT performance was buoyed by stabilizing office market fundamentals and strong hotel revenues, Singaporean REITs pursued selective portfolio acquisitions, and Hong Kong recorded asset valuation recoveries alongside policy measures designed to boost market liquidity.
Cushman & Wakefield projects that data center REITs—driven by artificial intelligence and digital infrastructure investment—and hospitality REITs will lead market visibility, with merger and acquisition activity remaining active as asset managers seek operational scale and portfolio diversification.
