Mumbai: According to ANAROCK Research, India’s REITable office stock has expanded by 36% in just two years – from 383 million sq. ft. in 2023 to approximately 520 million sq. ft. as of Q1 2025.
However, only 23% of this total REITable office stock is currently listed across India’s three publicly traded REITs – Embassy Office Parks REIT, Mindspace Business Parks REIT, and Brookfield India REIT – which collectively manage just 117.2 million sq. ft. of office space.
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Southern cities remain the biggest contributors, with Bengaluru, Hyderabad, and Chennai jointly holding 313 million sq. ft. of REITable office stock. However, just 18% of this is listed:
- Bengaluru leads with 162 million sq. ft., but only 24% (~39 million sq. ft.) is REIT-listed.
- Hyderabad holds 102 million sq. ft., with just 16% listed.
- Chennai trails with only 4% of its 49 million sq. ft. listed.
In North India, Delhi-NCR has 82 million sq. ft. of REITable office stock, with 30% currently listed. In the West, Mumbai Metropolitan Region (MMR) and Pune have a combined 118 million sq. ft. of office space fit for REITs, of which only 27% is listed. Kolkata has 7 million sq. ft. of such stock, with the highest listing share at 43%.
“There’s tremendous untapped potential in India’s REITable office market,” said Anuj Puri, Chairman of ANAROCK Group. “Close to 400 million sq. ft., or 47% of the existing 850 million sq. ft. of Grade A office stock, is over a decade old and ripe for upgradation to REIT-compliant standards. This presents a lucrative opportunity for asset repositioning and rental value enhancement.”
Also Read: MMR Leads India’s Surge in Office Rental Values with 28% Growth: ANAROCK
REITable Office Stock
From 2023 to Q1 2025, India added approximately 106.4 million sq. ft. of new Grade A office stock. Upgrades to older assets and robust supply have significantly increased the size and quality of REIT-eligible inventory.
On performance, India’s REITs have delivered strong one-year returns as of June 16, 2025:
- Mindspace Business Parks REIT: 23.34%
- Brookfield India REIT: 15.19%
- Embassy Office Parks REIT: 9.17%
These gains reflect healthy leasing activity and steady rental escalations, further validating the growth prospects of REITable assets in India’s commercial real estate sector.
