CBRE Investment Management's latest research reveals unprecedented growth in global real estate secondaries, with transaction volume reaching $25.1 billion last year. The firm's white paper, shared with PERE, documents how this market has evolved into a parallel transaction system for private real estate, offering investors new liquidity pathways.

Larger-scale liquidity structures have become a defining feature, according to the manager's proprietary data analysis. The research shows more sophisticated structures and repeatable processes than ever before, transforming how institutional investors approach private real estate portfolios.

This mainstream adoption reflects growing investor demand for flexible exit strategies in an asset class long known for its illiquidity. The expansion suggests real estate secondaries are maturing beyond niche status into a standard portfolio tool. CBRE IM's findings indicate the market has fundamentally shifted toward institutional acceptance and scale.

The $25.1 billion milestone represents a maturation point where secondary transactions now provide meaningful competition to traditional primary fund investments in private real estate.