According to the Chicago Tribune, the Chicago Mercantile exchange will start offering futures and options contracts on commerical real estate.
The purpose of futures contracts are for businesses in an industry to pass on market risk to speculators, who try to make a profit on the fluctuations.
So, for example, businesses that buy or sell gold could buy or sell gold futures/options to try to lock in a stable price over a certain time period.
Southwest Airlines used futures/options hedging with oil to control its fuel costs.
I think it will take time to see if real estate futures and options grow into an active market.
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