The growing case for real estate secondaries
16 Apr 2026
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 moments
01:10 Madison and Direct Secondaries
02:19 What is a secondary deal
04:03 Secondaries market size
06:08 Why secondaries exist
06:59 Misconceptions and control rights
08:17 Cycle tailwinds and sector rotation
10:18 Hot sectors
13:05 Liquidity crunch and fund structures
15:59 Madison Liquidity Index explained
18:00 Latest reading and what’s next
21:27 Deal flow and typical transactions
23:13 GP led secondaries and continuation
24:57 Valuation gaps and NAV discounts
30:34 Future of the secondaries market
32:26 Global differences US vs Europe
Your guest and host
Chris Muoio
Managing Director of Data and Research
Madison International Realty
Cole Perry
Associate Director of Research
Altus Group
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