Schools would be considered part of which real estate classification?

Schools fall under the special-purpose real estate classification because they are designed for a specific use that caters to a distinct community need: education. This classification includes properties that serve unique functions, are not typically intended for sale, and often involve substantial investment by the public or private sectors. Special-purpose properties often require specific zoning regulations and may not easily be repurposed for other uses compared to commercial or residential properties.

In contrast, industrial real estate primarily encompasses facilities for manufacturing, storage, or distribution, and commercial real estate relates to properties used for business purposes, such as retail and office spaces. Residential real estate refers to properties intended for living accommodations, such as homes and apartments. Therefore, schools, with their particular function and community orientation, are best categorized as special-purpose properties.