The growing case for real estate secondaries

Most CRE professionals have heard of the secondaries market, but few understand how it actually works, or how active it's become. In this episode of CRE Exchange, host Cole Perry sits down with Chris Muoio, Managing Director of Data and Research at Madison International Realty, to unpack the mechanics of direct real estate secondaries, why liquidity needs are accelerating across property types, and what Madison's proprietary liquidity index is signaling about where the market stands today. Key moments01:10 Madison and direct secondaries02:19 What is a secondary deal04:03 Secondaries market size06:08 Why secondaries exist06:59 Misconceptions and control rights08:17 Cycle tailwinds and sector rotation10:18 Hot sectors 13:05 Liquidity crunch and fund structures15:59 Madison Liquidity Index explained18:00 Latest reading and what’s next21:27 Deal flow and typical transactions23:13 GP led secondaries and continuation24:57 Valuation gaps and NAV discounts30:34 Future of the secondaries market32:26 Global differences US vs EuropeResources mentionedChris MuoioMadison International Realty