The real estate secondaries market is entering a new phase of maturity, characterised by narrowing bid‑ask spreads, improved valuation transparency and increasing institutional participation.

As appraisal marks adjust to higher‑rate conditions and buyers gain confidence in underwriting assumptions, transaction activity is accelerating in both investor‑led and manager‑led deals. The channel, once seen mainly as distressed, is evolving into a mainstream portfolio management and capital recycling tool, says Liam Mc Hugh.

CSC, a services provider, notes that the shift reflects broader demand for in‑demand asset classes among global buyers. The growing cohort of institutional investors are turning to real estate secondaries for exposure and liquidity flexibility. The market’s maturing dynamics are reshaping how capital flows.

This trend is expected to influence pricing, liquidity, and risk assessment across the sector. Analysts anticipate tighter spreads and enhanced due diligence as more sophisticated investors enter the market. The evolving secondary market offers a platform for portfolio rebalancing, allowing investors to unlock value from mature assets while mitigating exposure to new acquisitions. Regulatory developments and improved data availability are further supporting this growth.

Future forecasts suggest that by 2028, transaction volumes could rise by 15% annually, driven by continued macroeconomic shifts and a growing appetite for alternative real assets.