Liquidity, Rebuilt

Podcast: Commercial Real Estate Investment Conference Podcast (CREIC) · Commercial Real Estate Investment Conference

Opublikowano: 2026-09-29

The old fund model ran on a conveyor belt: buy, execute, sell, distribute, repeat. Higher rates snapped that belt, and the industry stopped waiting for it to restart. On the capital side, real estate secondaries just hit a record $20.3 billion in 2025, up 39%, with GP-led structures jumping 60% to $14.5 billion, 72% of the entire market. More than $2 trillion of NAV remains locked in closed-end funds and joint ventures, and Ares expects secondary volume to double over the next several years. Meanwhile, at the asset level, Dallas-Fort Worth led the entire nation in apartment absorption, nearly 20,000 units net absorbed...