Nonresidential Property Managers
Description
The nonresidential property manager industry oversees and maintains commercial real estate assets for owners and tenants. These establishments handle buildings such as office spaces, retail centers, hotels, warehouses, and industrial complexes that do not serve as private dwellings. Their core function involves maximizing asset value while ensuring operational efficiency and safety. Typical business activities include marketing vacant units, negotiating lease terms with tenants, collecting rent, overseeing maintenance schedules, and managing relationships with property owners. Managers also handle insurance claims, coordinate with contractors for repairs, and develop business plans to improve property performance. Operators can range from large multinational corporations managing global portfolios to small local firms serving specific neighborhoods. Some may act as subsidiaries of larger real estate investment trusts, while others function as independent brokers or specialized service providers. The scope of operations varies widely, from single building management to control over millions of dollars in assets across multiple cities. This sector plays a critical role in the broader economic landscape by facilitating commercial land use and attracting investment into infrastructure and business locations.
Hierarchy
| Code | Title | Description |
|---|---|---|
| 53 | Real Estate and Rental and Leasing 2-digit sector | The Sector as a Whole The Real Estate and Rental and Leasing sector comprises establishments primarily engaged in renting, leasing, or otherwise allowing the use of tangible or intangible assets, and establishments providing related services. The major portion of this sector comprises establishments that rent, lease, or otherwise allow the use of their own assets by others. The assets may be tangible, as is the case of real estate and equipment, or intangible, as is the case with patents and trademarks. This sector also includes establishments primarily engaged in managing real estate for others, selling, renting, and/or buying real estate for others, and appraising real estate. These activities are closely related to this sector's main activity, and from a production basis they are included here. In addition, a substantial proportion of property management is self-performed by lessors. The main components of this sector are the real estate lessors industries (including equity real estate investment trusts (REITs)); equipment lessors industries (including motor vehicles, computers, and consumer goods); and lessors of nonfinancial intangible assets (except copyrighted works). Excluded from this sector are establishments primarily engaged in renting or leasing equipment with operators. Establishments renting or leasing equipment with operators are classified in various subsectors of NAICS depending on the nature of the services provided (e.g., transportation, construction, agriculture). These activities are excluded from this sector because the client is paying for the expertise and knowledge of the equipment operator, in addition to the rental of the equipment. In many cases, such as the rental of heavy construction equipment, the operator is essential to operate the equipment. Also excluded from this sector are mortgage REITs and establishments primarily engaged in managing the financial portfolio assets of REITs on a fee or commission basis. These establishments are classified in Sector 52, Finance and Insurance. |
| 531 | Real Estate 3-digit subsector | Industries in the Real Estate subsector group establishments 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. This subsector includes equity real estate investment trusts (REITs) primarily engaged in leasing buildings, dwellings, or other real estate property to others. Mortgage REITs are classified in Subsector 525, Funds, Trusts, and Other Financial Vehicles. 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. |
| 5313 | Activities Related to Real Estate 4-digit industry group | This industry group comprises establishments primarily engaged in providing real estate services (except lessors of real estate and offices of real estate agents and brokers). Included in this industry group are establishments primarily engaged in managing real estate for others and appraising real estate. |
| 53131 | Real Estate Property Managers 5-digit NAICS industry | This industry comprises establishments primarily engaged in managing real property for others. Management includes ensuring that various activities associated with the overall operation of the property are performed, such as collecting rents and overseeing other services (e.g., maintenance, security, trash removal). |
| 531312 | Nonresidential Property Managers 6-digit U.S. detail | The nonresidential property manager industry oversees and maintains commercial real estate assets for owners and tenants. These establishments handle buildings such as office spaces, retail centers, hotels, warehouses, and industrial complexes that do not serve as private dwellings. Their core function involves maximizing asset value while ensuring operational efficiency and safety. Typical business activities include marketing vacant units, negotiating lease terms with tenants, collecting rent, overseeing maintenance schedules, and managing relationships with property owners. Managers also handle insurance claims, coordinate with contractors for repairs, and develop business plans to improve property performance. Operators can range from large multinational corporations managing global portfolios to small local firms serving specific neighborhoods. Some may act as subsidiaries of larger real estate investment trusts, while others function as independent brokers or specialized service providers. The scope of operations varies widely, from single building management to control over millions of dollars in assets across multiple cities. This sector plays a critical role in the broader economic landscape by facilitating commercial land use and attracting investment into infrastructure and business locations. |
Need a supply chain stack that maps to this industry?
Use this NAICS classification as the starting point, then connect it to Item workflows across inventory, warehousing, order management, fulfillment, and transportation.
Classification References
- 01Establishments primarily engaged in managing residential real estate for others are classified in U.S. Industry 531311, Residential Property Managers;
- 02Establishments primarily engaged in acting as lessors of buildings (except miniwarehouses and self-storage units) that are not used as residences or dwellings are classified in Industry 531120, Lessors of Nonresidential Buildings (except Miniwarehouses);
- 03Establishments primarily engaged in renting or leasing space for self-storage are classified in Industry 531130, Lessors of Miniwarehouses and Self-Storage Units;
- 04Establishments formed as associations on behalf of individual nonresidential condominium owners are classified in Industry 813990, Other Similar Organizations (except Business, Professional, Labor, and Political Organizations);
- 05Establishments primarily engaged in providing operating staff to perform a combination of services to support operations within a client's facilities are classified in Industry 561210, Facilities Support Services;
- 06Establishments primarily engaged in renting real estate on behalf of owners are classified in Industry 531210, Offices of Real Estate Agents and Brokers;
- 07Establishments primarily engaged in providing individual activities related to property management (e.g., maintenance, security, landscaping, etc.) are classified in the appropriate industry according to the service provided; and
- 08Establishments primarily engaged in operating short-term lodging facilities, such as hotels, motels, casino hotels, and bed-and-breakfast inns are classified in Industry Group 7211, Traveler Accommodation.
Index Items
Commercial property managing
Commercial real estate property managers' offices
Condominium managers' offices, commercial
Managers' offices, commercial condominium
Managers' offices, commercial real estate
Managers' offices, nonresidential real estate
Managing commercial condominiums
Managing commercial real estate
Nonresidential property managing
Property managers' offices, commercial real estate
Property managers' offices, nonresidential real estate
Property managing, commercial real estate
Property managing, nonresidential real estate
Real estate property managers' offices, commercial
How Item Can Help
Analyzes consumption patterns and maintenance histories to predict equipment failures and streamline resource allocation for property managers.
External Resources
Census.gov NAICS Detail
Official US Census Bureau definition and scope for NAICS 531312.
National Association of Property Management (NAPM)
A leading trade association providing resources, certifications, and advocacy for nonresidential property managers.
Census Bureau NAICS Classification Detail
An official government page detailing the definition, statistics, and industry structure for Nonresidential Property Managers.
PropMatters Industry Directory
A professional directory listing top nonresidential property management firms with verified contact information and specialties.
