Commercial real estate is property that is used exclusively for business or commercial purposes such as office space; retail stores; warehouses; industrial space (buildings and manufacturing plants); hospitals; hotels and resorts; restaurants; shopping malls; and strip malls. Multifamily rental properties such as apartment complexes are also classified as commercial real estate.

Most commercial real estate is leased to tenants engaged in business or commercial activities. Commercial real estate is often an investment asset for real estate investment trusts (REITs) and large other investors.

In Illinois, commercial real estate encompasses properties used for business or commercial activities, including office spaces, retail stores, warehouses, industrial buildings, hospitals, hotels, restaurants, shopping centers, and multifamily rental properties like apartment complexes. These properties are typically leased to tenants for commercial operations. The leasing, sale, and management of commercial real estate in Illinois are governed by a combination of state statutes and federal laws. Illinois state law, including the Illinois Commercial Real Estate Broker Lien Act, provides specific regulations on matters such as broker liens, while federal laws may address aspects like financing, environmental regulations, and tax considerations. Commercial real estate is also a common investment for REITs and other large investors, and such investments are subject to both state and federal securities laws. It's important for parties involved in commercial real estate transactions to comply with all applicable laws and, often, to consult with an attorney to navigate the complex legal landscape.