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 South Dakota, 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 South Dakota are governed by a combination of state statutes and federal laws. State laws regulate aspects such as zoning, land use, property taxes, and environmental regulations, while federal laws may address financing, Americans with Disabilities Act (ADA) compliance, and environmental due diligence. Investors, including REITs, often hold commercial real estate as part of their investment portfolios. It's important for parties involved in commercial real estate transactions to comply with all relevant laws and regulations, and they may seek the advice of an attorney to navigate the complexities of these transactions.