Industries in the Real Estate subsector group establishments that are primarily engaged in renting or leasing real estate to others; managing real estate for others; selling, buying, or renting real estate for others; and providing other real estate related services, such as appraisal services.

This subsector includes equity Real Estate Investment Trusts (REITs) that are primarily engaged in leasing buildings, dwellings, or other real estate property to others. Mortgage REITs are classified in Subsector 525, Funds, Trusts, and Other Financial Vehicles.

Establishments primarily engaged in subdividing and developing unimproved real estate and constructing buildings for sale are classified in Subsector 236, Construction of Buildings. Establishments primarily engaged in subdividing and improving raw land for subsequent sale to builders are classified in Subsector 237, Heavy and Civil Engineering Construction.

For the 2007 Economic Census, the 2007 Survey of Business Owners, and the 2007 Economic Census of Island Areas, real estate investment trusts (REITS) are included in Industry Group 5311, Lessors of Real Estate, based on primary type of real estate property leased. However, for the 2002 Economic Census, the 2002 Survey of Business Owners, and the 2002 Economic Census of Island Areas, the equity REITs were classified in Subsector 525, Funds, Trusts, and Other Financial Vehicles.