Nowadays, the development in technology area especially on the internet and social network make internet offer extremely large data information that everyone can access it. Google can be a new direct proxy that gives more accurate timing and overcome the limitation from traditional proxy to capture investor attention through keyword search intensity called SVI. Compare with general market, REIT market requires greater information as consequences of the information level differences. Therefore, this research examines the influence of investor attention captured by SVI with REIT returns on REIT market during bull and bear markets. This is the first study that analyzes market states on search intention based on SVI and uses company level data while previous study on REIT market focused more on the relationship between volatility and investor sentiment about market condition. The result show that Google SVI influences REIT return positively (negatively) in bull market (bear market) at company-level.

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