If you own or operate a commercial rental property and need your NAICS code, here is your answer right away.
The primary NAICS code for a commercial rental property is 531110, classified under Lessors of Nonresidential Buildings (except Miniwarehouses) in the Real Estate and Rental and Leasing sector. However, “real estate” is a broad industry. The right code for your business depends on whether you are leasing office space, renting out apartments, or managing the property for someone else. This page covers the relevant codes so you can identify the one that fits.
| Field | Details |
|---|---|
| NAICS Code | 531110 |
| Industry Title | Lessors of Nonresidential Buildings (except Miniwarehouses) |
| Sector | 53 (Real Estate and Rental and Leasing) |
| Industry Group | 5311 |
| Last Updated | 2022 NAICS Edition (Next NAICS Edition will come in 2027) |
What Does NAICS Code 531110 Cover?
According to the official 2022 NAICS data, code 531110 covers establishments primarily engaged in acting as lessors of buildings that are not used as residences.
In simple terms, this code applies to anyone acting as a landlord for business-to-business (B2B) or commercial real estate spaces. For commercial rental property owners, this includes:
- Office buildings and corporate office parks
- Retail storefronts, shopping centers, and malls
- Industrial buildings, manufacturing facilities, and warehouses
- Medical office buildings and clinics
- Mixed-use commercial buildings (where the primary purpose is commercial leasing)
The important distinction here is leasing nonresidential space. This code covers the act of owning a commercial building and collecting rent from business tenants based on the square footage or units they occupy.
Does My Commercial Rental Business Qualify for Code 531110?
Your business qualifies for NAICS code 531110 if:
- You own or lease out commercial spaces (offices, retail, industrial) to other businesses
- Your main source of revenue comes from collecting monthly rent on nonresidential buildings
- You operate as a holding company that owns commercial real estate assets
Your business may not qualify if:
- You rent out residential properties like apartment complexes or single-family homes, which falls under 531120 (Lessors of Residential Buildings and Dwellings) instead
- you operate a self-storage facility or miniwarehouse, which falls under 531130 (Lessors of Miniwarehouses and Self-Storage Units) instead
- You manage and maintain the property for the owner in exchange for a fee, rather than owning it yourself, which falls under 531311 (Real Estate Property Managers) instead
When your business sits between two codes, always classify based on whichever activity generates the most revenue.
Where Will You Need This Code?
Your NAICS code appears in more places than most real estate investors expect. Here is where code 531110 will be required:
- Commercial Property Insurance. This is highly critical. Insurance providers use this code to calculate your premiums for Commercial Property, General Liability, and Loss of Rents coverage. Commercial buildings carry entirely different liability risks than residential apartment buildings.
- SBA Loan Applications. If you are using an SBA 504 loan or a commercial real estate mortgage to purchase or refinance a commercial building, the lender requires this code to assess the risk profile of the asset.
- Business Registration. Most real estate investors set up an LLC for each property to protect their personal assets. Your state will ask for your NAICS code when you register that LLC.
- Tax Filings and Depreciation. Federal and state tax agencies use NAICS codes to categorize your business. Commercial real estate has specific depreciation schedules (like 39 years for nonresidential property), and your code helps validate your tax strategy.
- Business Bank Accounts. Many banks ask for your NAICS code when opening a business checking account to receive your rental income and pay your commercial mortgages.
531110 in the NAICS Hierarchy
Every NAICS code sits inside a structured hierarchy. Here is exactly where 531110 fits:
| Level | Code | Title |
|---|---|---|
| Sector | 53 | Real Estate and Rental and Leasing |
| Subsector | 531 | Real Estate |
| Industry Group | 5311 | Lessors of Real Estate |
| NAICS Industry | 53111 | Lessors of Nonresidential Buildings |
| National Industry | 531110 | Lessors of Nonresidential Buildings (except Miniwarehouses) |
Frequently Asked Questions
What is the NAICS code for a mixed-use building with commercial and residential space?
It depends on your revenue. If you own a building with retail shops on the bottom and apartments on top, you must classify the property based on which type of rental generates the majority of your income. If 60% of your rental income comes from the commercial tenants, you use 531110. If 60% comes from the residential tenants, you use 531120.
Does this code cover industrial warehouses?
Yes. Industrial real estate—such as manufacturing facilities, distribution centers, and flex spaces—is classified as nonresidential property. If you are leasing these types of buildings to businesses, your code is 531110.
What if I own the building but hire a property management company to run it?
You still use 531110 because you are the lessor (owner) of the property. The property management company you hire will use 531311 (Real Estate Property Managers) for their business, as they are providing a management service for a fee rather than collecting rent on real estate they own.
Does this NAICS code cover coworking spaces?
Yes. If you own or lease a large commercial space and sublease individual desks, offices, or memberships to freelancers and small businesses (acting essentially as a commercial landlord), you fall under 531110. However, if your business model is providing shared administrative services, virtual office addresses, and community events rather than just renting physical space, you might fall under a different professional services or office administrative code.