The real estate secondaries market has seen increasing levels of activity in recent years, especially within the GP-led space, driven by both the current economic environment and the maturation of the institutional real estate industry.

“The real estate secondaries market — which includes recapitalizations, continuation funds and transfers of fund LP interests — has become more active and evolved over the past several years,” says John Ferguson, global co-chair of real estate at global law firm Goodwin.

Ferguson noted a number of factors driving the increase in activity: (a) the maturation and evolution of the institutional real estate market; (b) a notable decline in real estate asset transaction volume over the past couple of years; and (c) the increase in capital raised to be invested in secondaries.

And Ferguson expects activity to remain high in 2025 as well. “As the institutional real estate market continues to mature, we expect secondaries to re