Office REIT and industrial & warehousing InvIT penetration to rise up to 30% & 10% respectively by 2030: Colliers India

•  Operational portfolio of listed REITs/InvIT surpasses 195 million sq ft, largely driven by office REITs
• ~164 million sq ft of office assets already under existing REITs, translating into penetration level of 19% currently
• More than two-thirds of stock under existing REITs lie within SBDs across major office markets
• Additionally, ~370 million sq ft of existing office stock, hold potential to be included in future REITs – led by Hyderabad & Bengaluru
• REITs & InvITs likely to expand further in other asset classes such as industrial & warehousing, retail etc.

19^th June 2026: Real Estate Investment Trusts (REITs) & Infrastructure Investment Trusts (InvITs) are accelerating the institutionalisation and democratisation of India’s real estate sector, driven by rising investor participation, strong operational performance of underlying assets, asset acquisition and supportive policies. The REIT/InvIT ecosystem has expanded steadily over the past 5–6 years in terms of asset class & size, geography and investor base. The market now comprises five office-focused REITs alongside a retail REIT and an industrial & warehousing focused InvIT, reflecting scalability of REIT/InvIT structures in India.

As per the Colliers’ latest report “India REITs: Gaining scale & unlocking value”, existing portfolio across the listed REITs/InvIT has surpassed 195 million sq ft with an upcoming pipeline of ~37 million sq ft as of March 2026. While the office segment continues to dominate with around 84% share in the operational portfolio of existing Indian REIT/InvIT, retail and industrial & warehousing segments are gaining momentum.

Existing REIT/InvIT portfolio in India: Primary asset break-up

Source: Latest investor reports – Embassy, Brookfield, Mindspace, Nexus, Knowledge Realty, NDR InvIT, Final offer document-Bagmane Prime office REIT, Colliers

Note: Tier I cities include Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai and Pune |Select Tier II/III cities with existing REIT/InvIT presence include Amritsar, Chandigarh, Ludhiana, Lucknow, Mangaluru, Mysuru, Coimbatore, Bhubaneshwar, Ahmedabad, Surat, Udaipur, Goa etc. | InvIT with underlying real estate assets (warehouse & logistics parks) has been considered. Other listed InvITs typically have infrastructure projects such as roads & highways as their underlying assets | *Nexus Select Trust only manages South City Mall (Kolkata) and Pavillion Mall (Pune) and hence this is not included in the operational stock portfolio

In case of office segment, the existing REIT portfolio remains largely concentrated in Tier I cities, given the depth of institutional-grade supply and occupier demand in these markets. Of the total ~164 million sq ft of existing stock under office REITs, Bengaluru dominates with 42% share followed by Hyderabad, Mumbai & Delhi NCR with 12-15% share each. Interestingly, the geographical diversification of REIT/InvIT assets is more evident in retail and industrial & warehousing segments, in line with the broader market trend of emerging consumption and logistics hubs which are already witnessing notable activity. At around 7.5 and 5.4 million sq ft of operational stock in these emerging cities, Tier II/III markets currently account for around 35% and 51% of the industrial & warehousing InvIT and retail REIT portfolio respectively.

City-wise break-up of operational asset mix in existing REIT/InvIT

Source: Latest investor reports – Embassy, Brookfield, Mindspace, Nexus, Knowledge Realty, NDR InvIT, Final offer document-Bagmane Prime office REIT, Colliers

Note: Select Tier II/III cities with existing REIT/InvIT presence include Amritsar, Chandigarh, Ludhiana, Lucknow, Mangaluru, Mysuru, Coimbatore, Bhubaneshwar, Ahmedabad, Surat, Udaipur, Goa etc. | InvIT with underlying real estate assets (warehouse & logistics parks) has been considered. Other listed InvITs typically have infrastructure projects such as roads & highways as their underlying assets | *Nexus Select Trust only manages South City Mall (Kolkata) and Pavillion Mall (Pune) and hence this is not included in the operational stock portfolio

% represents city-wise share in India’s overall existing REIT/InvIT portfolio

Operational assets under office REITs touch ~164 million sq ft, current penetration level at 19%

Operational assets under office REITs in India have witnessed more than two-fold rise in the last five years, rising from around 72 million sq ft in 2021 to ~164 million sq ft at the end of March 2026. Resultantly, REIT penetration indicated by the proportion of office stock under REITs as compared to the overall office stock increased from around 11% to 19% during the same period. At the city level, Bengaluru has the highest REIT penetration level amongst the Tier I office markets with about 30% of city’s existing Grade A office stock already listed under REITs. Hyderabad, Mumbai & Pune follow with a REIT penetration of about 15-20%. Notably, more than two-thirds of the office stock under existing REITs is spread across Secondary Business District (SBDs) of major cities.

India office REIT snapshot (Tier I cities)

Source: Colliers

Note: Data pertains to Grade A office buildings and Tier I cities – Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai, and Pune at the end of Q1 2026 | REIT penetration refers to the proportion of office stock under REITs as compared to the overall office stock across Tier I cities in India

“With another leading developer recently monetizing its portfolio, the number of office REITs has expanded to five and overall operational stock within these REITs has increased from around 72 million sq ft in 2021 to over 160 million sq ft as on date. Consequently, almost one-fifth of India’s Grade A office stock across the top seven markets is currently under REITs, signaling a steady shift toward institutionalization and growing investor confidence in income-generating assets. Notably, with an additional 370 million sq ft of existing Grade A office stock having the potential to be listed as future REITs, the runway for REIT growth in the office segment remains promising. Looking ahead, REIT penetration levels in the office market can potentially reach 30% by 2030, supported by influx of high quality green-certified assets, strong occupier demand and sustained investor appetite”, says Badal Yagnik, CEO & Managing Director, Colliers India

Additionally, about 370 million sq ft of existing office stock hold potential to be included in future REITs

About 370 million sq ft of additional office stock, accounting for 43% of the total Grade A stock across Tier I cities, has the potential to be included in future REITs. Hyderabad & Bengaluru cumulatively account for around 40% of this incremental stock with future REIT potential. Noteworthily, at the micro market level, about 85-95% of the additional REITable stock in each of these two cities lies within SBDs. In contrast, majority of the additional REITable stock in cities like Kolkata, Mumbai & Pune lie in their respective Peripheral Business District (PBD) micro markets. Interestingly, close to 60% of the additional REITable office stock in Delhi NCR lies within Central Business District (CBD) micro markets (Primarily Cybercity, Gurugram).

Micro market profile of stock under existing office REITs and additional REITable stock