The growing case for real estate secondaries
About this episode
This episode explores the mechanics and current state of the real estate secondaries market with insights from Chris Muoio.
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 Resources mentioned Chris Muoio Madison International Realty
More episodes of CRE Exchange: Commercial Real Estate, Property Valuations, Real Estate Analytics and Property Tax
- Hot inflation, soft growth, and a CRE market caught in the middle
- The 70s are calling, are the CRE markets listening?
- 560 billion reasons the US CRE market is finding its footing
- What the latest lending data tells us about CRE financing
- Why 2026 could be a surprisingly strong year for CRE credit
- Data and policy shaping the early 2026 CRE market
Explore listener stats, chart rankings, contacts and more on the CRE Exchange: Commercial Real Estate, Property Valuations, Real Estate Analytics and Property Tax podcast page.