The Asia Real Estate Investment Trust (REIT) market demonstrated robust growth in 2024, driven by strong performances in China and India. China’s REIT market surged 85% in market value, entering the top three largest REIT markets in Asia and surpassing Hong Kong. This growth was fueled by new REIT product issuances and strong investor demand for infrastructure-backed assets. In 2024, 29 new REIT products were issued in China, including 19 real estate-backed REITs.
India’s REIT market also showed significant growth, driven by strong leasing demand for institutional-grade office space. Global capability centers (GCCs) accounted for 28-29% of gross leasing volume, making institutionally owned assets the preferred choice for many multinational occupiers. According to Somy Thomas, Executive Managing Director, Valuations and Co-Head, India at Cushman & Wakefield, “Indiaโs REIT market continues to carve a strong trajectory, with exceptional growth seen across the office sector.”
The Asia REIT market is expected to continue evolving, with mature markets like Japan, Singapore, and Hong Kong focusing on enhancing operational efficiencies. Emerging markets like China, India, and Thailand are poised for continued growth, supported by strong economic fundamentals and regulatory frameworks.
