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U.S. Office REITs Industry Analysis

UpdatedFeb 17, 2026
DataAggregated Company Financials
Companies22
  • 7D-5.5%
  • 3M-10.0%
  • 1Y-19.9%
  • YTD-7.6%

Over the last 7 days, the Office REITs industry has dropped 5.5%, driven by BXP declining 7.0%. Overall the industry is down 20% in 12 months. In the next few years, earnings are forecast to decline by 22% annually.

Industry Valuation and Performance

Has the U.S. Office REITs Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 18 Feb 2026US$44.0bUS$15.8bUS$66.8m32.9x658.9x2.8x
Fri, 16 Jan 2026US$48.2bUS$15.5b-US$259,532,000.0031.2x-185.8x3.1x
Sun, 14 Dec 2025US$51.4bUS$16.4b-US$485,906,000.0033.9x-105.7x3.1x
Tue, 11 Nov 2025US$53.9bUS$16.4b-US$537,335,000.0035.6x-100.4x3.3x
Thu, 09 Oct 2025US$56.8bUS$16.2b-US$807,521,000.0036.2x-70.3x3.5x
Sat, 06 Sep 2025US$58.1bUS$16.2b-US$807,521,000.0038.6x-72x3.6x
Mon, 04 Aug 2025US$52.4bUS$16.3b-US$1,119,665,000.0048.8x-46.8x3.2x
Wed, 02 Jul 2025US$54.8bUS$16.3b-US$756,442,000.0047.6x-72.4x3.4x
Fri, 30 May 2025US$52.2bUS$16.3b-US$756,442,000.0046x-68.9x3.2x
Sun, 27 Apr 2025US$47.7bUS$15.6b-US$803,052,000.0064.8x-59.5x3.1x
Tue, 25 Mar 2025US$51.0bUS$15.7b-US$740,439,200.0068.8x-68.9x3.2x
Thu, 20 Feb 2025US$53.4bUS$15.3b-US$954,119,000.00110.7x-55.9x3.5x
Sat, 18 Jan 2025US$54.5bUS$15.7b-US$817,078,000.0028.1x-66.7x3.5x
Mon, 16 Dec 2024US$59.1bUS$15.7b-US$817,078,000.0030.7x-72.3x3.8x
Wed, 13 Nov 2024US$61.8bUS$15.7b-US$741,330,000.0042.9x-83.4x3.9x
Fri, 11 Oct 2024US$58.5bUS$15.8b-US$1,012,639,000.0073.4x-57.8x3.7x
Sun, 08 Sep 2024US$54.3bUS$15.8b-US$1,012,639,000.0070.3x-53.6x3.4x
Tue, 06 Aug 2024US$51.0bUS$15.8b-US$1,441,374,000.0061.6x-35.4x3.2x
Thu, 04 Jul 2024US$46.2bUS$15.8b-US$1,919,252,000.0048.5x-24.1x2.9x
Sat, 01 Jun 2024US$64.7bUS$18.6b-US$1,735,178,000.0049.6x-37.3x3.5x
Mon, 29 Apr 2024US$66.2bUS$18.5b-US$1,644,463,000.0050.8x-40.3x3.6x
Wed, 27 Mar 2024US$69.5bUS$18.5b-US$1,697,603,000.0050.4x-41x3.8x
Fri, 23 Feb 2024US$68.3bUS$18.2b-US$1,782,655,000.0039.5x-38.3x3.7x
Sun, 21 Jan 2024US$68.9bUS$17.8b-US$1,303,625,000.0040.3x-52.9x3.9x
Tue, 19 Dec 2023US$74.8bUS$17.8b-US$1,303,625,000.0041.3x-57.4x4.2x
Thu, 16 Nov 2023US$60.5bUS$17.8b-US$1,286,439,000.0035x-47.1x3.4x
Sat, 14 Oct 2023US$57.5bUS$18.1bUS$40.9m21.4x1408.4x3.2x
Mon, 11 Sep 2023US$64.7bUS$18.1bUS$40.9m25.7x1583.2x3.6x
Wed, 09 Aug 2023US$69.3bUS$18.1bUS$569.2m24.1x121.8x3.8x
Fri, 07 Jul 2023US$62.4bUS$18.0bUS$1.3b20.4x47x3.5x
Sun, 04 Jun 2023US$58.3bUS$18.0bUS$1.3b19.1x44x3.2x
Tue, 02 May 2023US$60.2bUS$18.1bUS$1.5b21.6x40.3x3.3x
Thu, 30 Mar 2023US$61.2bUS$18.1bUS$1.7b19.8x35.4x3.4x
Price to Earnings Ratio

35.4x


Total Market Cap: US$61.2bTotal Earnings: US$1.7bTotal Revenue: US$18.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Office REITs Industry Price to Earnings3Y Average 81.4x202420252026
Current Industry PE
  • Investors are optimistic on the American Office REITs industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 659x which is higher than its 3-year average PE of 80.9x.
  • The 3-year average PS ratio of 3.4x is higher than the industry's current PS ratio of 2.8x.
Past Earnings Growth
  • The earnings for companies in the Office REITs industry have declined 66% per year over the last three years,
  • Revenues have also declined 4.5% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the U.S. Real Estate industry?

US Market-1.93%
Real Estate1.46%
Office REITs-5.53%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ONL Orion PropertiesUS$2.651.5%
+US$2.3m		-35.4%PB0.2x
PKST Peakstone Realty TrustUS$20.820.05%
+US$371.8k		92.2%PB1x

Latest News

CUZ
US$22.46
Cousins Properties
7D
-10.7%
1Y
-26.0%
SLG
US$40.55
SL Green Realty
7D
-4.6%
1Y
-38.4%

SLG: Midtown Acquisitions And Leasing Progress Will Support Future Upside

SL Green Realty's updated analyst price target has shifted from about $56.79 to roughly $51.83, as analysts factor in a series of target cuts across the Street and adjust for a higher discount rate, softer revenue expectations, slimmer profit margins, and a higher assumed future P/E multiple. Analyst Commentary Recent Street research on SL Green Realty has been clustered around reduced price targets, with analysts reworking their models to reflect sector wide pressures in office and broader real estate.
BXP
US$61.49
BXP
7D
-7.0%
1Y
-13.6%

BXP: Occupancy And New Lease Commitments Will Support 2026 Office Recovery

The analyst price target for BXP has been trimmed by less than $1 to $76.50 as analysts factor in softer revenue growth and margins, along with a slightly higher assumed P/E multiple, following a series of recent target reductions and one upward revision across the Street. Analyst Commentary Recent research on BXP shows a split in opinion, with several firms cutting price targets while a few raise targets or upgrade ratings.
HIW
US$23.12
Highwoods Properties
7D
-11.0%
1Y
-19.8%
VNO
US$29.89
Vornado Realty Trust
7D
-6.1%
1Y
-28.5%
KRC
US$31.75
Kilroy Realty
7D
-4.5%
1Y
-8.6%
ESRT
US$6.27
Empire State Realty Trust
7D
-7.8%
1Y
-30.6%

ESRT: Cautious Outlook Will Balance Buybacks With Broadway Acquisition Risk

Analysts have trimmed their price target on Empire State Realty Trust to US$6.80 from US$8.30, citing generally healthy REIT operating conditions while maintaining a cautious stance on the shares. Analyst Commentary Bearish analysts are signaling a more cautious stance on Empire State Realty Trust after the latest review of the stock, pointing to risks that they believe are not fully reflected in the current share price.
CDP
US$31.54
COPT Defense Properties
7D
-2.5%
1Y
15.2%

CDP: Defense Leasing Pipeline And Stable REIT Conditions Will Support Premium Multiple

Analysts have nudged their fair value estimate for COPT Defense Properties up slightly to $33.38 from $33.25, reflecting updated assumptions around discount rate, revenue growth, profit margin and future P/E, alongside recent Street research citing generally healthy REIT operating conditions. Analyst Commentary Recent Street research reflects a generally constructive tone on COPT Defense Properties, with the fair value adjustment and updated price targets grounded in current REIT operating conditions and the latest earnings season readthroughs.
PKST
US$20.82
Peakstone Realty Trust
7D
0.05%
1Y
92.2%

PKST: Future Buyout At 21 Dollars Will Frame Execution Risk

Narrative Update: Peakstone Realty Trust Analysts now see fair value for Peakstone Realty Trust at $21.00 compared with $16.00 previously, citing updated assumptions around discount rates, expected revenue trends, profit margins and future P/E, along with recent rating changes from research firms that have revisited their outlook on the shares. Analyst Commentary Recent Street research, including two downgrades this week, highlights a split view on Peakstone Realty Trust, with some analysts focused on potential upside drivers and others emphasizing execution and valuation risks at the new fair value level of $21.00.
ONL
US$2.65
Orion Properties
7D
1.5%
1Y
-35.4%

Shift Toward Dedicated Use Assets Will Support More Durable Cash Flows Over Time

Catalysts About Orion Properties Orion Properties is a REIT focused on office and dedicated use assets across the United States. What are the underlying business or industry changes driving this perspective?