Industries in the Real Estate subsector group include 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.

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.

Real Estate Investment Trusts (REITS) are classified in Subsector 525, Funds, Trusts, and Other Financial Vehicles, because they are considered investment vehicles.

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.