Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting to read:%0A%0A {0} %0A%0A {1}

Asian REIT Market Values Declined by 14.7% to USD263.8 billion at End of 2022

Chek Yee Foo • 07/08/2023
  • Japan, Singapore and Hong Kong remain as top three largest REIT markets in Asia

  • Mainland China makes rapid rise to fourth position with REIT market value surging by 80% in 2022


The combined value of the Asian REIT market was at USD263.8 billion at the end of 2022, down 14.7% compared to the end of 2021, according to Cushman & Wakefield’s latest Asia REIT Market Insight for 2022-2023. The top three largest REIT markets in Asia – Japan, Singapore and Hong Kong SAR – experienced declines in overall market values in 2022 with a drop of 18%, 14% and 20% respectively. In contrast, the mainland China REIT market value surged by 80% on the back of new product offerings.

The report also revealed that while REIT products in Asia are still heavily concentrated in Japan, Singapore, and Hong Kong SAR, which together account for more than 80% of the market share, the mainland China REIT market climbed rapidly to rank as the fourth largest in Asia in 2022, up from seventh in 2021.

Catherine Chen, Head of Capital Markets Research, Asia Pacific at Cushman & Wakefield, said, “The overall contraction seen in the Asian REIT market in 2022 was largely due to the influence of the U.S. interest rate hikes, coupled with the ongoing effects of the COVID-19 pandemic, which posed challenges for cyclical commercial real estate sectors such as office, retail, and hotel. However, these headwinds are becoming increasingly offset by growing market attention to new economy sectors, including modern logistics facilities and data centers, as well as living sectors, extending from multifamily assets to senior care facilities.”

Table 1: Total Market Value of Active REITs on Major Asia Exchanges

Asia REIT Market Insight 2022-2023 total market value table

Source: Bloomberg database, compiled by Cushman & Wakefield Valuation & Advisory Services
*Data as of Dec. 31, 2022

Growth of Mainland China and India REIT markets

A total of 17 new products were introduced into the China REIT market between the end of March 2022 to the end of June 2023. These new entrants brought the total number of REITs listed in mainland China as of June 2023 to 28, including 16 real estate asset-based REITs with an average distribution yield of 4.2%. 

Andrew Chan, Managing Director, Head of Valuation & Advisory Services, Greater China at Cushman & Wakefield, commented, “The new REIT products in China demonstrate development momentum across seven categories of underlying assets: industrial parks, warehousing and logistics facilities, industrial plants, affordable rental housing, highways, clean energy, and other environmental-related projects. In addition, as China’s public REITs pilot is now expanding to include the retail sector, we can expect the C-REIT market to diversify and further prosper, in turn helping to stimulate consumption and drive domestic demand.” 

REITs have also proven popular with both institutional and retail investors in India. A total of four REITs were listed in the India market as of May 2023, comprising three office REITs and one retail REIT. The three office products have been in existence for more than two years, while the retail product was a new listing in May 2023. 

Somy Thomas, Managing Director, Valuations and Co-head, Capital Markets, India at Cushman & Wakefield, shared, “Looking at the success of the existing office REITs in India, more developers are now consolidating their office assets for bundling into REIT products, with market estimates suggesting we could see an additional 90 to 95 million sq ft unfold soon. Consequently, there could be approximately 180 million sq ft of office space held by REITs by the end of 2024. We estimate that this volume may account for approximately 22% of overall Grade A office stock by 2024.”

Please click here to download the report. 

Recent Press Releases

Hotel Construction
Data centre construction cost increases of up to 8% across region year-over-year but development shows no sign of pausing

Japan has been named the most expensive market for data centre construction while Singapore has topped the rankings for the most expensive land costs in Asia Pacific, according to a new report.

Amy Kathleen Kelly • 06/11/2023

fit out guide
Asia Pacific’s post-pandemic office: more expensive to build, but as important as ever

Persistent inflation, tight labour markets, and ongoing supply chain delays have increased average fit out costs across Asia Pacific, according to Cushman & Wakefield’s 2023 Asia Pacific Office Fit Out Cost Guide, but major occupiers are absorbing the higher spend in their quest to improve return-to-office rates.

Amanda Phua • 30/03/2023

handshake (image)
Shankar Narayanasamy appointment
Cushman & Wakefield Appoints Shankar Narayanasamy as Client Solutions Lead for Global Occupier Services, Asia Pacific

Cushman & Wakefield, a global leader in commercial real estate services, today announced the appointment of Shankar Narayanasamy as Client Solutions Lead for its Global Occupier Services (GOS) business in Asia Pacific, effective 9 May 2022. 

Amanda Phua • 18/05/2022

10 Toh Guan Road East Singapore
10 Toh Guan Road East for Sale by Expression of Interest

10 Toh Guan Road East (the “Property”) has been put up for sale via an Expression of Interest (EOI). Cushman & Wakefield is the appointed exclusive marketing consultant for the sale.

Brenda Ong • 04/04/2022

C&W Services reimagines the future of work with the transformation of its headquarters at Chai Chee

Officiated by the Guest-of-Honour, Speaker of Parliament Tan Chuan-Jin, the new workplace embodies the firm’s commitment to Diversity, Equity & Inclusion (DE&I) and the adoption of smart technology that promotes both sustainability and well-being.

Chek Yee Foo • 23/03/2022

Asia Pacific Transaction Volumes Expected to Record Double-Digit Volume Growth in 2022 and 2023
Asia Pacific Transaction Volumes Expected to Record Double-Digit Volume Growth in 2022 and 2023

Global real estate market recovery is expected to hit the fast lane, with Q4 2021 volumes driving annual increase of 55%. 

Jayna Poh • 01/03/2022

Singapore Office Market Poised for Another Robust Year in 2022
Singapore Office Market Poised for Another Robust Year in 2022

Following a strong recovery in office demand, reduced vacancies and growth in CBD Grade A office rents in 2021, the Singapore office market is expected to further pick up pace in 2022.

Amanda Phua • 07/02/2022

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All