CBRE saw its secondary trading volume in real estate funds reach $2.43 billion in 2016 across its global network, with 187 transactions, a 20 percent increase in market activity for secondaries.

Keeping track of activity in real estate secondaries is notoriously difficult, so results and totals will vary depending on the source. Landmark Partners’ survey of global real estate secondary activity found 99 closed or under contract real estate secondary transactions totaling $5.01 billion, for example. CBRE’s figures, which reflect only transactions the firm has directly processed, include recapitalizations, joint-venture interest sales and core fund interests that would not fit the criteria of some funds of funds.

But some consistencies exist between the reports. Landmark noted the absence of large portfolio transactions (greater than $1 billion), which contributed significantly to 2015’s $8.2 billion total real estate secondary transaction volume.

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