Real estate refers to land, as well as any physical property or improvements affixed to the land, including houses, buildings, landscaping, fencing including vacant land and residential lots, plus the outbuildings, decks, trees sewers and fixtures within the boundaries of the property. Commercial real estate include malls, office parks, restaurants, gas stations, convenience stores and office towers. Aside from commercial real estate, the other types are residential real estate, which is used for living purposes; and industrial real estate, which is used for manufacturing and production. The businesses that occupy commercial real estate usually lease the space. Investors own the building and collect rent from businesses that operate there. There are a variety of other ways to invest in real estate, ranging from real estate investment trusts (REITs) to buying residential rental property or multi-family housing. Real estate can be an excellent diversification tool for investors. Portfolios containing real estate tend to outperform those without real estate over the long haul. Investing in real estate can also offer reduced risk because the real estate market is not closely correlated with stock or bond markets.