India's Office REITs Surge Amid Demand

21 May 2024 CW Team

In response to surging office demand in India, real estate investment trusts (REITs) are rapidly expanding their portfolios through strategic acquisitions. Embassy Office Parks REIT, Brookfield India Real Estate Trust, and Mindspace Business Parks REIT collectively control approximately 100 million square feet (msf) of office space, representing about 12.5% of India's total office stock and boasting a combined market capitalization of $8 billion.

Since its inception in 2019, Embassy REIT has grown its completed area by 47%, increasing from 24 msf to over 45 msf through acquisitions. Recently, it expanded into Chennai, adding a 5 msf business park from its sponsor, Bengaluru-based Embassy Group. Future developments include an additional 2 msf.

Brookfield REIT expanded its operating area by 47% last year, with another 16% growth anticipated following a recent acquisition. The REIT acquired 6.5 msf of space in FY24 in the National Capital Region and Mumbai and is set to add another 3.3 msf through a deal with Bharti Enterprises. Brookfield's parent entity holds 54 msf of office space in India, presenting a substantial acquisition pipeline.

Mindspace REIT also demonstrated growth with acquisitions in Chennai and Pune, alongside developing a mixed-use asset in Mumbai. With a sponsor pipeline of around 15 msf, Mindspace is well-positioned for future expansion, exploring both sponsor and third-party assets.

A report by CREDI-CRE Matrix forecasts office demand in India to exceed 70 msf in 2024, driven by government initiatives in manufacturing, digital, and physical infrastructure investments. This escalating demand, particularly from global capability centers, underpins the robust expansion strategies of India's leading office REITs.

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