Bengaluru, Hyderabad, Chennai Account for 62% of Listed REIT Office Space

Bengaluru, Hyderabad, Chennai Account for 62% of Listed REIT Office Space

India’s listed real estate investment trusts (REITs) are increasingly concentrated in the country’s leading office markets, with Bengaluru, Hyderabad and Chennai together accounting for 62% of their total office portfolio, according to an Assocham–Knight Frank India report.

The report, titled Building Viksit Bharat: Real Estate as a Catalyst for Growth, was released at a real estate conference organised by Assocham. It highlights the growing role of REITs in bringing institutional capital into commercial real estate and creating avenues to monetise and recycle capital from operational assets.

As of June 2026, India’s eight major cities had an overall office stock of 1,054.6 million sq. ft. Listed REITs accounted for 167 million sq. ft. of this inventory. Of the REIT-held space, 103.5 million sq. ft. was concentrated in Bengaluru, Hyderabad and Chennai.

Bengaluru leads REIT penetration

Bengaluru remains the strongest market for listed REIT ownership. The city had 67.6 million sq. ft. of REIT-backed office space, equivalent to 27% of its overall office inventory.

Hyderabad followed with 26.2 million sq. ft., representing 20% of its office stock. Chennai had a smaller REIT penetration of 10%, but its presence within the combined portfolio of the three southern markets underlines the growing importance of the city for institutional commercial real estate investment.

Mumbai had 24.6 million sq. ft. of REIT-backed office space, accounting for 14% of its total inventory. Delhi-NCR and Pune each recorded an 11% share, while Kolkata stood at 10%. Ahmedabad had the lowest penetration among the major markets, at 1%.

Institutional ownership continues to expand

India currently has five listed REITs backed by office assets: Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, Knowledge Realty Trust and Bagmane Prime Office.

According to Knight Frank India, the expansion of listed REITs has strengthened the exit and capital-recycling options available to institutional investors. Stabilised commercial properties can be aggregated into listed platforms, giving a wider pool of investors access to income-generating real estate.

The institutionalisation of real estate is also moving beyond offices. The report noted that operational retail REIT assets stood at 11 million sq. ft. as of June 2026, while warehousing InvIT assets reached 44.2 million sq. ft.

For Bengaluru, Hyderabad and Chennai, the concentration of REIT-owned office assets reflects the depth of their technology, corporate and services ecosystems. It also points to the increasing role of institutional capital in shaping India’s commercial property market as businesses continue to expand their office footprints.