The real estate secondaries market has undergone a fundamental shift, according to a report by CBRE Investment Management. Secondaries are no longer just a tool for solving one‑off liquidity challenges; they are increasingly being deployed deliberately to manage portfolios, preserve ownership of high‑quality assets, and execute transactions at scale. The focus is moving from whether secondaries should be used to how they can be deployed most effectively alongside primary market strategies.

CBRE’s chief investment officer of indirect real estate strategies, Achal Gandhi, notes that the strong growth of continuation vehicles signals a broader acceptance of secondaries as a strategic asset class. These vehicles allow investors to extend exposure to real estate funds beyond the original maturity, providing flexibility and continuity.

As the market expands, investors are now looking at secondaries not merely as a last resort for distressed assets but as a routine part of portfolio construction. By integrating secondaries with primary market purchases, managers can optimize timing, reduce concentration risk, and improve overall portfolio performance.

The trend reflects a maturing industry that views secondary transactions as a proactive tool rather than a reactive one, reshaping how real estate assets are acquired, managed, and exited.