This industry comprises establishments primarily engaged in acting as lessors of buildings (except miniwarehouses and self-storage units) that are not used as residences or dwellings. Included in this industry are: (1) owner-lessors of nonresidential buildings; (2) establishments renting real estate and then acting as lessors in subleasing it to others; and (3) establishments providing full service office space, whether on a lease or service contract basis. The establishments in this industry may manage the property themselves or have another establishment manage it for them.

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