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U.S. Office REITs Industry Analysis

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies22
  • 7D-3.7%
  • 3M-17.3%
  • 1Y-24.0%
  • YTD-11.3%

Over the last 7 days, the Office REITs industry has dropped 3.7%, driven by BXP declining 5.7%. Meanwhile, Hudson Pacific Properties actually outperformed within the industry, gaining 23% in the last week. Overall the industry is down 24% in 12 months. Looking forward, earnings are forecast to decline by 22% per year.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 04 Mar 2026US$42.3bUS$15.7b-US$42,278,000.0028.3x-1000.8x2.7x
Fri, 30 Jan 2026US$45.8bUS$15.7b-US$36,754,000.0035x-1244.9x2.9x
Sun, 28 Dec 2025US$48.4bUS$15.7b-US$388,502,000.0031.5x-124.6x3.1x
Tue, 25 Nov 2025US$51.2bUS$16.4b-US$485,906,000.0033.1x-105.3x3.1x
Thu, 23 Oct 2025US$54.5bUS$16.3b-US$769,198,000.0042.2x-70.8x3.4x
Sat, 20 Sep 2025US$59.8bUS$16.2b-US$807,521,000.0037.9x-74.1x3.7x
Mon, 18 Aug 2025US$53.2bUS$16.2b-US$807,521,000.0035.6x-65.9x3.3x
Wed, 16 Jul 2025US$56.5bUS$16.3b-US$756,442,000.0050.1x-74.7x3.5x
Fri, 13 Jun 2025US$56.3bUS$16.3b-US$756,442,000.0047.8x-74.4x3.4x
Sun, 11 May 2025US$50.9bUS$16.3b-US$685,910,000.0045.8x-74.2x3.1x
Tue, 08 Apr 2025US$45.8bUS$15.7b-US$740,439,200.0064.7x-61.9x2.9x
Thu, 06 Mar 2025US$51.5bUS$15.7b-US$752,650,000.0067.8x-68.4x3.3x
Sat, 01 Feb 2025US$55.3bUS$15.4b-US$1,011,923,000.0066.8x-54.7x3.6x
Mon, 30 Dec 2024US$55.8bUS$15.7b-US$817,078,000.0029x-68.3x3.6x
Wed, 27 Nov 2024US$57.5bUS$15.7b-US$817,078,000.0043.9x-70.3x3.7x
Fri, 25 Oct 2024US$62.4bUS$15.7b-US$1,205,553,000.0077.4x-51.8x4x
Sun, 22 Sep 2024US$58.9bUS$15.8b-US$1,012,639,000.0075.3x-58.2x3.7x
Tue, 20 Aug 2024US$52.7bUS$15.8b-US$1,012,639,000.0067.2x-52x3.3x
Thu, 18 Jul 2024US$51.4bUS$15.8b-US$1,919,252,000.0053.6x-26.8x3.3x
Sat, 15 Jun 2024US$45.6bUS$15.8b-US$1,919,252,000.0048.9x-23.8x2.9x
Mon, 13 May 2024US$67.5bUS$18.6b-US$1,839,591,000.0050.3x-36.7x3.6x
Wed, 10 Apr 2024US$70.0bUS$18.5b-US$1,704,925,000.0053.9x-41x3.8x
Fri, 08 Mar 2024US$69.0bUS$18.5b-US$1,715,022,000.0052.1x-40.2x3.7x
Sun, 04 Feb 2024US$67.6bUS$17.9b-US$1,725,709,000.0038.3x-39.2x3.8x
Tue, 02 Jan 2024US$72.7bUS$17.8b-US$1,303,625,000.0041.9x-55.8x4.1x
Thu, 30 Nov 2023US$60.8bUS$17.8b-US$1,303,625,000.0035.2x-46.6x3.4x
Sat, 28 Oct 2023US$53.7bUS$18.1b-US$684,373,000.0025.7x-78.5x3x
Mon, 25 Sep 2023US$60.7bUS$18.1bUS$40.9m23.4x1485.8x3.4x
Wed, 23 Aug 2023US$64.2bUS$18.1bUS$40.9m27.5x1571.8x3.6x
Fri, 21 Jul 2023US$66.5bUS$18.0bUS$1.0b21.4x66.5x3.7x
Sun, 18 Jun 2023US$61.7bUS$18.0bUS$1.3b19.1x46.5x3.4x
Tue, 16 May 2023US$57.8bUS$18.0bUS$1.3b18.7x43.5x3.2x
Thu, 13 Apr 2023US$60.6bUS$18.1bUS$1.7b19.4x35.2x3.4x
Price to Earnings Ratio

35.9x


Total Market Cap: US$62.9bTotal 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 85.7x202420252026
Current Industry PE
  • Investors are pessimistic on the American Office REITs industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The 3-year average PS ratio of 3.4x is higher than the industry's current PS ratio of 2.7x.
Past Earnings Growth
  • Total earnings for the Office REITs industry have declined over the last three years, with the industry now making a loss overall.
  • Revenues have also declined 4.6% per year, which is driving profits down.

Industry Trends

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

US Market-0.57%
Real Estate0.74%
Office REITs-3.69%
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
HPP Hudson Pacific PropertiesUS$7.4523.1%
+US$75.8m		-65.7%PB0.2x
PSTL Postal Realty TrustUS$20.896.3%
+US$61.7m		50.8%PB2x
SLG SL Green RealtyUS$37.591.7%
+US$44.0m		-40.1%PB0.8x
NLOP Net Lease Office PropertiesUS$13.974.9%
+US$9.6m		-56.9%PB0.7x
DEA Easterly Government PropertiesUS$23.580.4%
+US$4.2m		-16.6%PB0.8x

Latest News

SLG
US$37.59
SL Green Realty
7D
1.7%
1Y
-40.1%
DEI
US$9.72
Douglas Emmett
7D
-4.0%
1Y
-42.2%
BXP
US$56.24
BXP
7D
-5.7%
1Y
-17.3%
HPP
US$7.45
Hudson Pacific Properties
7D
23.1%
1Y
-65.7%
VNO
US$27.38
Vornado Realty Trust
7D
-2.4%
1Y
-31.7%
KRC
US$29.67
Kilroy Realty
7D
-5.0%
1Y
-14.5%
NLOP
US$13.97
Net Lease Office Properties
7D
4.9%
1Y
-56.9%
ESRT
US$5.74
Empire State Realty Trust
7D
-4.8%
1Y
-35.7%
PSTL
US$20.89
Postal Realty Trust
7D
6.3%
1Y
50.8%
DEA
US$23.58
Easterly Government Properties
7D
0.4%
1Y
-16.6%
HIW
US$22.62
Highwoods Properties
7D
-1.3%
1Y
-22.2%

HIW: Recalibrated Expectations Will Support Future Cash Flow Resilience

Analysts have trimmed their average price target on Highwoods Properties by about $1.44, citing updated views on fair value, discount rate, growth, profitability and future P/E assumptions following recent Street research cuts to $27 and $24. Analyst Commentary Recent research cuts indicate a reset in expectations around Highwoods Properties, with price targets shifting to a tighter range of $24 to $27.
PKST
US$20.85
Peakstone Realty Trust
7D
0.05%
1Y
86.3%

PKST: Cash Buyout At 21 Dollars Will Test Execution Assumptions

Analysts have revised their Peakstone Realty Trust price target to $21.00, citing updated views on required returns, revenue growth, profitability, and a significantly higher assumed future P/E multiple following recent downgrades from major firms. Analyst Commentary Recent Street research on Peakstone Realty Trust highlights a mix of optimism around long term potential and caution tied to execution and valuation assumptions following the recent downgrades.
CDP
US$32.10
COPT Defense Properties
7D
-1.7%
1Y
20.3%

CDP: Defense Leasing And Dividend Increases Will Support Balanced Future Returns

Analysts have raised their price target on COPT Defense Properties by $1.75 to $35.13, citing updated assumptions for slightly higher revenue growth and a modestly lower discount rate, partly offset by adjusted profit margin and P/E expectations. Analyst Commentary Recent research has generally taken a constructive view on COPT Defense Properties, with multiple price target increases clustered around the low to mid US$30s.
JBGS
US$15.01
JBG SMITH Properties
7D
-5.2%
1Y
-0.3%
ONL
US$2.52
Orion Properties
7D
0.4%
1Y
-38.7%

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?