Abstract: Standardized derivatives markets cover a wide array of risks including energy, credit, and weather. However, one major asset class is conspicuously missing from this list: commercial real estate. Indeed, commercial property markets are the last of the major institutional asset classes not to have liquid futures and options markets. Thanks to their innovative combination of specifications, our real estate futures and options contracts stick to the fundamental characteristics of real estate as a slow, illiquid and heterogeneous asset class. They allow standardization and transacting of property derivatives on organized exchanges and thus represent an important breakthrough in the process of ‘commodization’ of unsecuritized commercial real estate assets.