India, Sept. 21 -- Around 84% of the operational portfolio held by India's existing listed REITs and real-estate InvIT is office space. It is a useful number for understanding both how far the market has come and how much room remains for it to change.

Offices gave Indian REITs a natural starting point. Large business parks could provide long leases, established tenants and recurring rental income, while institutional ownership had already created portfolios large enough to bring to the public market. The result is visible today: Colliers estimated in June 2026 that around 164 million sq ft of office assets were already held under existing REITs, with office REIT penetration at about 19% of India's office stock.

But a REIT market does n...