After lagging behind benchmarks and broader indices over the past five years, real estate investment trusts (REITs) have outperformed them since the start of 2024. The four listed REITs have posted an average return of 16 percent year-to-date, compared to 9.9 percent for the S&P BSE Sensex and 11 percent for the National Stock Exchange Nifty.
Recent data on the strength of the office leasing market, coupled with second-quarter (Q2) results for 2024-25 (FY25), indicate that REITs' rally still has legs. During the July-September quarter (Q2) of FY25, gross leasing in the sector surged to 24.7 million square feet (msf), marking a 69 percent rise over the same period last year. This was the fourth consecutive quarter with gross absorption hitting or exceeding 20 msf.
With gross leasing for the first nine months of 2024 reaching 66 msf, up 41 percent year-on-year (Y-o-Y), Nuvama Research predicts that gross absorption will surpass 80 msf this year. Net leasing in the quarter also climbed 59 percent Y-o-Y to 12.2 msf, while supply stood at 9.5 msf, an 8 percent decline Y-o-Y.
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