531120 - Lessors of Nonresidential Buildings (except Miniwarehouses)
When it comes to understanding the intricacies of the real estate industry, NAICS codes provide a standardized way to classify businesses. One such vital code is NAICS 531120, which focuses on the lessors of nonresidential buildings—except miniwarehouses. Whether you're a property owner, investor, or a business looking to lease commercial spaces, knowing this code is essential for market research, government contracting, and regulatory compliance.
What is NAICS Code 531120?
NAICS code 531120 is designated for establishments primarily engaged in renting or leasing nonresidential buildings. These include office buildings, industrial facilities, retail spaces, and other nonresidential properties. The key distinction is that this code excludes miniwarehouses (self-storage units).
Additionally, lessors under this code may offer related property management services such as maintenance, leasing administration, and tenant relations, enhancing the value and operation of the properties.
Sector Overview: Real Estate and Rental and Leasing
NAICS 531120 falls squarely within the Real Estate and Rental and Leasing sector. This sector encompasses businesses involved in:
- Renting and leasing property
- Providing related services like property management
- Facilitating real estate investment and operations
The activities in this sector support a wide array of businesses by providing commercial spaces essential for operations, production, retail, and professional services.
Typical Business Activities Under NAICS 531120
Businesses classified under NAICS 531120 often engage in:
- Office building leasing — Leasing professional and executive office spaces, including executive suites and coworking facilities
- Industrial building leasing — Providing manufacturing plants, warehouses, and industrial complexes for rent
- Retail space leasing — Operating shopping centers, malls, and standalone retail buildings
Other niche activities include leasing of arenas, banquet halls, medical buildings, and convention centers, without event promotion activities.
Size Standards for NAICS 531120
For government contracting and eligibility purposes, businesses under NAICS 531120 typically must meet:
- Size Standard: Maximum average annual receipts of $34 million
This size standard helps small businesses qualify for SBA programs and federal contracts relevant to leasing and managing nonresidential buildings.
Examples of Businesses Under NAICS 531120
- An office park management company leasing multiple commercial buildings
- An industrial property owner leasing factories and manufacturing buildings
- A retail landlord operating several shopping centers without operating the individual stores
- A real estate investment trust (REIT) focusing solely on commercial property leasing (excluding miniwarehouses)
Comprehensive Table of NAICS 531120 Code Details
| Activity or Property Type | Description |
|---|---|
| Amusement facility rental or leasing | Renting amusement venues (excluding event promotion) |
| Arena rental or leasing, no promotion of events | Leasing arenas without hosting events |
| Auditorium rental or leasing | Leasing auditoriums |
| Bank building rental or leasing | Leasing buildings primarily used by banks |
| Banquet hall rental or leasing | Renting banquet halls |
| Building, nonresidential (except miniwarehouse), rental or leasing | General nonresidential building leasing excluding miniwarehouses |
| Commercial building rental or leasing | Leasing commercial real estate |
| Concert hall rental or leasing, no promotion of events | Leasing concert halls without event management |
| Conference center rental or leasing, no promotion of events | Leasing conference facilities |
| Convention center rental or leasing, no promotion of events | Leasing convention centers |
| Coworking space rental or leasing | Providing shared workspace leasing |
| Dance hall rental or leasing | Leasing dance hall spaces |
| Dock and associated building rental or leasing | Leasing dock facilities and related buildings |
| Equity real estate investment trusts (REITs), primarily leasing nonresidential buildings (except miniwarehouses) | REITs focused on commercial leasing |
| Executive suites (full service office space provision) | Leasing fully serviced offices |
| Exhibition hall rental or leasing, no promotion of events | Leasing exhibition spaces |
| Flea market space, under roof, rental or leasing | Renting covered flea market spaces |
| Full service office space provision | Offering fully managed office spaces |
| Hall and banquet room, nonresidential, rental or leasing | Leasing banquet and event halls |
| Hall, nonresidential, rental or leasing | Leasing nonresidential halls |
| Hotel building rental or leasing, not operating hotel | Leasing hotel buildings without hotel operations |
| Industrial building rental or leasing | Leasing industrial buildings |
| Insurance building rental or leasing | Leasing buildings primarily occupied by insurers |
| Lessors of nonresidential buildings (except miniwarehouses) | Core classification for commercial lessors |
| Mall property operation (not operating contained businesses) rental or leasing | Leasing malls, excluding operation of retail units |
| Manufacturing building rental or leasing | Leasing manufacturing facilities |
| Medical building rental or leasing | Leasing medical offices and buildings |
| Meeting hall and room rental or leasing | Renting meeting rooms and halls |
| Mobile office building rental or leasing, on-site | Leasing movable office buildings |
| Motel building rental or leasing, not operating motel | Leasing motel properties without lodging operations |
| Nonresidential building (except miniwarehouse) rental or leasing | General nonresidential leasing |
| Office building rental or leasing | Leasing office buildings |
| Piers and associated building rental or leasing | Leasing piers and structures |
| Professional office building rental or leasing | Leasing buildings for professional services |
| Real estate rental or leasing of nonresidential building (except miniwarehouse) | Real estate rental focused on commercial properties |
| Reception hall rental or leasing | Renting reception halls |
| Shared workspace provision | Providing coworking and other shared office spaces |
| Shopping center rental or leasing (not operating businesses) | Leasing shopping centers excluding store operations |
| Stadium rental or leasing without promotion of events | Leasing stadiums without event hosting |
| Theater property rental or leasing, not operating theater | Leasing theaters not involved in operations |
Frequently Asked Questions (FAQ)
What types of buildings fall under NAICS 531120?
This NAICS code covers nonresidential buildings such as office buildings, industrial facilities, retail centers, medical buildings, hotels (without operations), and various event spaces—excluding miniwarehouses.
Does NAICS 531120 include property management?
While primarily focused on leasing, many businesses in this industry offer related property management services as part of their leasing operations.
What is the size standard for small businesses under NAICS 531120?
The SBA size standard for eligibility is $34 million in average annual receipts. Businesses under this amount qualify as small for government contracting purposes.
Are miniwarehouses included in NAICS 531120?
No, miniwarehouses (self-storage units) are excluded from this code and have a separate classification.
Can REITs be classified under NAICS 531120?
Yes, equity real estate investment trusts (REITs) primarily leasing nonresidential buildings (excluding miniwarehouses) fall under this NAICS code.
Understanding NAICS code 531120 is crucial for businesses involved in the leasing and management of commercial real estate. Whether you're targeting government contracts, conducting market analysis, or building strategic partnerships, mastering this classification can unlock significant opportunities in the real estate and rental and leasing sector. Keep this guide handy as your go-to resource on Lessors of Nonresidential Buildings (except Miniwarehouses).
