Prologis, American Tower, and Welltower were the real estate investment trusts (REITs) worldwide with the largest market caps as of April 11, 2024. All three REITs were headquartered in the United States. If fact, out of the 40 largest REITs, only seven were headquartered outside the United States. Among them were Goodman Group (Australia), Link Real Estate Investment Trust (Hong Kong), Segro Plc (the UK).

As of October 2024, Nippon Building Fund Inc. was the largest real estate investment trust (REIT) listed on the Tokyo Stock Exchange (TSE), with a market capitalization of about over 1.1 trillion Japanese yen. Nippon Prologis REIT, Inc. followed with a market capitalization of 788.2 billion yen. What are REITs? REITs are investment vehicles that own income-producing real estate and pay out the income generated from their properties to shareholders in the form of dividends. Japan’s public REIT market was established in 2001 and has since expanded to one of the largest in the world, with a market capitalization of 15.4 trillion Japanese yen in 2023. REIT market in Japan In 2023, there were 58 publicly traded REITs in Japan, also called J-REITs. They owned around 4.7 properties worth 22.8 trillion Japanese yen based on acquisition value. By comparison, around 54 privately placed REITs in Japan held properties worth six trillion yen. Assets under management of private REITs only made up a small share of the private real estate investment funds market in Japan, which was estimated at 35 trillion yen in 2023.

Segro PLC was the biggest real estate investment trust (REIT) trading on the London Stock Exchange as of June 2024. A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs invest in many types of commercial real estate: offices, rental apartments, industrial warehouses, as well as hospitals, hotels, and retail properties. Market cap of REITS As of June, 2024, Segro PLC was ranked at the high end of the scale, with approximately 12 billion British pounds in market capitalization. Segro PLC operates in nine European countries and specializes in big box and urban warehousing for retailers, logistics and transport companies, manufacturers, wholesalers.
The London Stock Exchange (LSE) LSE is one of the oldest stock exchanges in the world, listing approximately 2,000 companies with an aggregate market capitalization of approximately 3.5 trillion British pounds in 2023.

The real estate investment trusts (REITs) market in the United States grew slightly in 2023, after plummeting in 2022. In 2023, the market cap of all REITs, including equity, mortgage, and hybrid, reached 1.37 trillion U.S. dollars. This was a decrease from the 1.74 trillion U.S. dollars recorded in 2021 when the market peaked. REITs are companies which own and operate real estate to generate income. U.S. REIT sector The number of REITs operating in the U.S. has fluctuated over the past 45 years, and in 2023 measured 195 firms. The number in operation has slightly fallen from its record high of 233 companies in 2015. REITs often specialize in a specific property type, with industrial and retail being the most popular asset types. Global dominance of American REITs The largest ten REITs worldwide were based in the United States in 2024. Prologis, a company specializing in logistics real estate, was the largest REIT globally in terms of market capitalization in that year.

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REIT Market Size 2025-2029

The reit market size is forecast to increase by USD 372.8 billion at a CAGR of 3% between 2024 and 2029.

The market is experiencing significant growth driven by the increasing global demand for warehousing and storage facilities, particularly in response to the e-commerce sector's continued expansion. This trend is further accentuated by the emergence of self-storage as a service, providing investors with attractive returns and meeting the evolving needs of consumers. However, the market also faces challenges, including intense competition and the need for vertical integration to remain competitive. E-commerce giants are increasingly investing in their logistics capabilities, creating a more complex and dynamic market landscape. To capitalize on these opportunities, companies must stay agile and adapt to changing consumer preferences and market conditions. Strategic partnerships, innovation, and operational efficiency will be key differentiators for success in this competitive market.

What will be the Size of the REIT Market during the forecast period?

Request Free SampleThe Real Estate Investment Trust (REIT) market represents a significant segment of the investment landscape, offering income-producing opportunities through commercial real estate. REITs are publicly traded entities that enable investors to access the benefits of owning and operating income-generating commercial properties without the operational burdens. Both traded and non-traded REITs are available, each with unique features and eligibility criteria. The market is characterized by its sizeable presence, with numerous entities focusing on various commercial property sectors, including equity, mortgage, hybrid, and private REITs. These entities provide investors with dividend yields, capital appreciation potential, and diversification benefits. However, investing in REITs involves risks, including liquidity concerns, share value transparency, conflicts of interest, and potential fraud. Investors should carefully consider these factors, along with fees, taxes, and broker or financial adviser relationships, when constructing their investment portfolios. REITs offer investors regular income through rental yields and potential capital gains. Dividend income and equity appreciation make REITs an attractive option for those seeking income and growth. However, investors should be aware of taxation implications, including eligibility criteria and capital gains taxes. Investors should consult with their financial advisers to understand the risks and benefits of REITs and to determine whether they align with their investment objectives and risk tolerance. Ultimately, REITs provide a valuable opportunity for investors seeking income and growth in the commercial real estate sector.

How is this REIT Industry segmented?

The reit industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. TypeIndustrialCommercialResidentialApplicationWarehouses and communication centersSelf-storage facilities and data centersOthersProduct TypeTriple netDouble netModified gross leaseFull servicePercentageGeographyNorth AmericaUSCanadaAPACChinaIndiaJapanSingaporeEuropeFranceGermanyItalyUKSouth AmericaMiddle East and Africa

By Type Insights

The industrial segment is estimated to witness significant growth during the forecast period.The market experienced notable growth in the industrial sector in 2024, driven by the increasing demand for commercial real estate, particularly warehousing space. The COVID-19 pandemic accelerated this trend as online sales d, necessitating more warehouse space for inventory storage. Industrial companies have responded by leasing additional warehouses to meet occupancy and rental rate demands. Furthermore, e-commerce companies are establishing warehouses and fulfillment centers near metropolitan areas to cater to growing online consumer bases. These factors create significant expansion opportunities for industrial REITs, including Equity, Mortgage, and Hybrid types, thereby fueling market growth. Publicly traded and non-traded REITs offer investors diverse investment portfolio options, providing both dividend income and capital appreciation potential. Transparent share value and dividend yields, professional management, and regular income make REITs an attractive asset allocation choice for investors seeking diversification and emergency liquidity.

Get a glance at the market report of share of various segments Request Free Sample

The Industrial segment was valued at USD 1525.50 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 63% to the growth of the global market during t

Nippon Building Fund Inc was the real estate investment trust (REIT) with the largest market cap in Japan as of April 10, 2024. The market cap, or the aggregate value of the total outstanding shares of the company, was approximately 6.8 billion U.S. dollars during that period. Nippon Building Fund also had the highest revenue, EBITDA margin, and the fourth-highest five-year return on investment (ROI) among all companies in the ranking. Nevertheless, KDX Realty Investment Corp topped the ranking in terms of dividend yield.

As of October 2024, the ten leading mortgage real estate investment trusts (REITs) in the United States had a combined market capitalization of about 30 billion U.S. dollars. All REITs in the list experienced an increase in market capitalization in 2024, indicating an optimistic outlook. The home financing mortgage REIT Annaly Capital Management, Inc. saw its market cap increase from 7.7 billion U.S. dollars to 9.5 billion U.S. dollars. According to the source, mortgage REITs generate income from the interest on investments in mortgages and mortgage backed securities of income-producing residential and commercial properties. The REITs sector has grown substantially, with the market cap reaching a record high in 2021. After a difficult year of negative returns in 2022, the year-to-date total returns for all property segments returned to positive grounds in 2023.

The infrastructure real estate investment trust (REIT) Prologis was the largest U.S. REIT as of October 31, 2024, with a market cap of almost 105 billion U.S. dollars. During this period, the debt to ratio of Prologis was 23.6 percent. The debt ratio measures the financial leverage of a company and is calculated as the total debt divided by the sum of implied market capitalization and total debt.

The infrastructure real estate investment trust (REIT) Prologis was the largest U.S. REIT as of November 2024, with a market cap of almost 105 billion U.S. dollars. In 2024, the price to funds from operation (P/FFO) ratio of Prologis was estimated at 20.77, with 2025 witnessing a slight decline to 19.24. The REITs sector has grown substantially, with the market cap reaching a record high in 2021. After a difficult year of negative returns in 2022, the year-to-date total returns for all property segments returned to positive grounds in 2023.

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Japanese real estate investment trusts (J-REITs) acquired 292 properties in 2024. The highest number of property acquisitions in the past decade was recorded in 2015. The Japanese REIT market was established in 2001 and is one of the largest REIT markets in the world.

As of November 2023, the ten leading healthcare real estate investment trusts (REITs) in the United States had a combined market capitalization of about 93 billion U.S. dollars. The largest healthcare REIT, Ventas, Inc., saw its market cap increase from 29.8 billion U.S. dollars to 41.5 billion U.S. dollars between September 2022 and November 2023.
The REITs sector grew substantially in 2021, with the market cap reaching record high. Nevertheless, the year-to-date total returns for all property segments were negative as of September 2022.

As of August 2024, trust banks held 45.1 percent of real estate investment trusts (REITs) in Japan. Non-Japanese investors followed with a holding ratio of 24.4 percent. The Japanese real estate investment trust (J-REIT) market was established in 2001 and is one of the largest in the world.

As of the end of 2024, the market capitalization of the Japanese real estate investment trust (J-REIT) market amounted to around 14.3 trillion Japanese yen. The figure decreased from 15.4 trillion yen in the previous year. What is a REIT? Real estate investment trusts are investment vehicles that acquire income-producing real estate and distribute 90 percent or more of the profits generated to investors. In this way, they allow individuals to invest in large-scale commercial properties without owning them themselves. REITs own a variety of properties, from multifamily residences to logistics facilities. Some specialize in a particular sector, while others have a mixed portfolio. REITs were first introduced in the United States in the 1960s. The first Japanese REIT was listed much later in 2001. Since then, the Japanese REIT market has gradually expanded to become one of the largest in the world in terms of market capitalization. The REIT market in Japan Publicly traded REITs in Japan are known under the term J-REITs. Around 57 of them were listed on the Tokyo Stock Exchange in 2024. In addition, there is a growing number of privately placed REITs primarily aimed at institutional investors.J-REITs held over 4.8 thousand properties in 2024. Offices accounted for 37 percent of their portfolio based on the acquisition value. The majority of REIT properties were located in Japan’s capital Tokyo and the surrounding metropolitan region.

As of the end of 2024, there were 57 publicly offered real estate investment trusts (REITs) in Japan. Figures reached a peak in 2019, with 64 REITs listed. The Japanese real estate investment trust (J-REIT) market was established in 2001 and is one of the largest in the world.

Japanese real estate investment trusts (J-REITs) held almost 4.9 thousand properties as of December 2024. The number of properties owned by REITs increased from around 3.2 thousand in 2015. The Japanese REIT market was established in 2001 and is one of the largest in the world.

As of the end of 2024, total net assets of publicly offered real estate investment trusts (REITs) in Japan amounted to around 12.1 trillion Japanese yen. The Japanese real estate investment trust (J-REIT) market was established in 2001 and is one of the largest in the world.

As of October 2024, residential properties were the leading type of property owned by real estate investment trusts (REITs) in Japan, with 2,055 buildings. The Japanese real estate investment trust (J-REIT) market was established in 2001 and is one of the largest markets in the world.

As of August 2024, financial institutions held real estate investment trusts worth around 8.5 trillion Japanese yen in Japan. The REIT holdings of foreign investors amounted to 3.7 trillion yen. The Japanese real estate investment trust (J-REIT) market was established in 2001 and is one of the largest in the world.

In 2024, real estate investment trusts (REITs) dividends in Japan amounted to around 631.3 billion Japanese yen. The Japanese real estate investment trust (J-REIT) market was established in 2001 and is one of the largest in the world.