How do you hedge against a long real estate position?


I work at a RE company and boss wants to hedge, he's a huge bear on commercial real estate but we own a bunch of it. So what do you buy that is inversely related to the value of office, retail, industrial? He's a bear on residential RE too but we don't own much of it.

I could short some REITs, but are there any that haven't already collapsed in value?


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