Analysis
NAICS 531120 is the 2022 national industry for lessors of nonresidential buildings (except miniwarehouses), part of 53112 (Lessors of Nonresidential Buildings (except Miniwarehouses)). Census lists 40 example activities under it in the official index.
County Business Patterns counts 34,559 US establishments in this code in 2023, employing 174,571 people at an average annual payroll of $83,642 per employee (72nd percentile of national industries). 78% of the establishments have fewer than five employees, which marks it as a small-business industry.
Census lists 7 related activities that belong elsewhere, most often in 531110, 531130, 531312 and 56143. Businesses that do several things are classified by their primary activity, the one that generates the most value, so check those boundaries before settling on this code.
Its index entries, the activities Census uses to assign businesses to this code, include amusement facility rental or leasing, arena, no promotion of events, rental or leasing, auditorium rental or leasing and bank building rental or leasing, among 40 in all.
For example, acting as lessors of buildings used as residences or dwellings are classified in 531110 (Lessors of Residential Buildings and Dwellings) instead.
Between 2018 and 2023 the number of establishments grew 3% and employment rose 1%. The 2018 count used NAICS 2017, so part of a large move can come from codes being redefined rather than from businesses opening or closing.
Official definition
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.
Source: US Census Bureau, NAICS 2022 Manual.
Not this code if…
| The business mainly does | Use instead |
|---|---|
| Acting as lessors of buildings used as residences or dwellings | 531110 Lessors of Residential Buildings and Dwellings |
| Renting or leasing space for self-storage | 531130 Lessors of Miniwarehouses and Self-Storage Units |
| Managing nonresidential real estate for others | 531312 Nonresidential Property Managers |
| Providing a range of office support services, such as mailbox rental, other postal and mailing (except direct mail advertising) services, document copying services, facsimile services, word processing services or on-site personal computer rental, that are not providing office space | 56143 Business Service Centers |
| Managing and operating arenas, stadiums, theaters, or other related facilities and promoting and organizing performing arts productions, sports events, and similar events at those facilities | 711310 Promoters of Performing Arts, Sports, and Similar Events with Facilities |
| Operating public and contract warehousing and storage facilities (except self-storage) | 4931 Warehousing and Storage |
| Providing colocation services (i.e., rental of server and networking space in data centers) | 518210 Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services |
Index entries (40)
- Amusement facility rental or leasing
- Arena, no promotion of events, rental or leasing
- Auditorium rental or leasing
- Bank building rental or leasing
- Banquet hall rental or leasing
- Building, nonresidential (except miniwarehouse), rental or leasing
- Commercial building rental or leasing
- Concert hall, no promotion of events, rental or leasing
- Conference center, no promotion of events, rental or leasing
- Convention center, no promotion of events, rental or leasing
- Coworking space rental or leasing
- Dance hall rental or leasing
- Dock and associated building rental or leasing
- Equity real estate investment trusts (REITs), primarily leasing nonresidential buildings (except miniwarehouses)
- Executive suites (i.e., full service office space provision)
- Exhibition hall, no promotion of events, rental or leasing
- Flea market space, under roof, rental or leasing
- Full service office space provision
- Hall and banquet room, nonresidential, rental or leasing
- Hall, nonresidential, rental or leasing
- Hotel building rental or leasing, not operating hotel
- Industrial building rental or leasing
- Insurance building rental or leasing
- Lessors of nonresidential buildings (except miniwarehouses)
- Mall property operation (i.e., not operating contained businesses) rental or leasing
- Manufacturing building rental or leasing
- Medical building rental or leasing
- Meeting hall and room rental or leasing
- Mobile office building rental or leasing, on-site
- Motel building rental or leasing, not operating motel
- Nonresidential building (except miniwarehouse) rental or leasing
- Office building rental or leasing
- Piers and associated building rental or leasing
- Professional office building rental or leasing
- Real estate rental or leasing of nonresidential building (except miniwarehouse)
- Reception hall rental or leasing
- Shared workspace provision
- Shopping center (i.e., not operating contained businesses) rental or leasing
- Stadium rental or leasing without promotion of events
- Theater property rental or leasing, not operating theater