CBRE Investment Management reports global real‑estate secondaries volume reached $25.1 billion in 2023, a jump that signals larger, platform‑level structures are moving out of niche. The market now functions as a parallel transaction system to primary private‑real‑estate deals, offering investors repeatable liquidity options that were scarce a few years ago and increasingly attract institutional capital seeking diversified exposure.

The white paper, circulated to PERE readers, relies on proprietary deal‑log data and AI‑enabled capture to size the market. By quantifying transaction flow, CBRE Investment Management shows that platform‑level secondaries now account for a sizable share of overall activity, compressing bid‑ask spreads and improving price discovery for sellers and buyers alike, including cross‑border deals that broaden investor reach and enhance pricing.

For asset managers, the shift means they can monetize legacy holdings without full portfolio exits, preserving fee streams while delivering cash to limited partners. Investors gain a more liquid avenue to adjust exposure to real‑estate assets amid tightening credit markets. It also cushions cash‑flow gaps for sponsors facing redeployments.