More than $23.4 billion (€22.7 billion) worth of global real estate secondaries transactions closed in 2023 — significantly greater than existing market consensus estimates of roughly $10 billion (€9.7 billion) — according to a new artificial intelligence–enhanced data capture methodology created by CBRE Investment Management.

The finding, which means conventional methods of analysis underestimated the market size by some $13 billion (€12.6 billion), was made by the manager after it used what it calls “refined AI data capture techniques” with proprietary in-house data logs and partial interest transactions. The three resources it uses are also based on an expanded definition of the secondaries market.

CBRE Investment Management says its proprietary deal log tool tracks secondary opportunities from all the manager’s sources worldwide, including relationships with GPs, LPs, operators and advisers. This helps it gain better visibility of off-market and s