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U.S. Office REITs Industry Analysis

UpdatedJul 21, 2026
DataAggregated Company Financials
Companies21
  • 7D2.3%
  • 3M20.9%
  • 1Y-0.4%
  • YTD10.9%

The Office REITs industry is up 2.3% in the last week, with Vornado Realty Trust up 3.7%. The industry has been flat over the past 12 months despite the gain this week. Looking forward, earnings are forecast to decline by 2.4% per year.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 21 Jul 2026US$53.6bUS$15.3b-US$347,311,000.0030.7x-154.3x3.5x
Thu, 18 Jun 2026US$49.9bUS$15.3b-US$347,311,000.0028.4x-143.7x3.3x
Sat, 16 May 2026US$44.8bUS$15.4b-US$321,386,000.0027.8x-139.5x2.9x
Mon, 13 Apr 2026US$40.6bUS$15.4b-US$61,495,000.0027.2x-659.6x2.6x
Wed, 11 Mar 2026US$41.1bUS$15.5b-US$45,252,000.0027.3x-908x2.7x
Fri, 06 Feb 2026US$46.3bUS$15.8bUS$113.8m34.3x407.1x2.9x
Sun, 04 Jan 2026US$48.1bUS$15.7b-US$388,502,000.0031.6x-123.8x3.1x
Tue, 02 Dec 2025US$53.2bUS$16.4b-US$485,906,000.0034.4x-109.5x3.3x
Thu, 30 Oct 2025US$55.1bUS$16.4b-US$733,206,000.0036.2x-75.2x3.4x
Sat, 27 Sep 2025US$57.6bUS$16.2b-US$807,521,000.0037.8x-71.3x3.5x
Mon, 25 Aug 2025US$55.2bUS$16.2b-US$807,521,000.0037.3x-68.3x3.4x
Wed, 23 Jul 2025US$54.8bUS$16.3b-US$765,446,000.0050.1x-71.5x3.4x
Fri, 20 Jun 2025US$56.6bUS$16.3b-US$756,442,000.0046.8x-74.8x3.5x
Sun, 18 May 2025US$52.7bUS$16.3b-US$756,442,000.0047.2x-69.7x3.2x
Tue, 15 Apr 2025US$45.0bUS$15.7b-US$740,439,200.0064.2x-60.7x2.9x
Thu, 13 Mar 2025US$49.4bUS$15.7b-US$783,117,200.0070.1x-63.1x3.1x
Sat, 08 Feb 2025US$55.0bUS$15.2b-US$860,062,000.0088.8x-64x3.6x
Mon, 06 Jan 2025US$56.4bUS$15.7b-US$817,078,000.0029x-69x3.6x
Wed, 04 Dec 2024US$61.0bUS$15.7b-US$817,078,000.0043.3x-74.7x3.9x
Fri, 01 Nov 2024US$59.9bUS$16.0b-US$638,805,000.0050.7x-93.8x3.7x
Sun, 29 Sep 2024US$58.5bUS$15.8b-US$1,012,639,000.0075x-57.7x3.7x
Tue, 27 Aug 2024US$55.0bUS$15.8b-US$1,012,639,000.0069.7x-54.3x3.5x
Thu, 25 Jul 2024US$51.3bUS$15.8b-US$1,497,483,000.0052.9x-34.2x3.2x
Sat, 22 Jun 2024US$45.8bUS$15.8b-US$1,919,252,000.0048.9x-23.9x2.9x
Mon, 20 May 2024US$68.5bUS$18.6b-US$1,732,377,000.0051.6x-39.6x3.7x
Wed, 17 Apr 2024US$65.5bUS$18.5b-US$1,704,925,000.0047.9x-38.4x3.5x
Fri, 15 Mar 2024US$69.3bUS$18.5b-US$1,715,022,000.0051.7x-40.4x3.8x
Sun, 11 Feb 2024US$67.1bUS$17.9b-US$1,907,542,000.0037.4x-35.2x3.8x
Tue, 09 Jan 2024US$72.5bUS$17.8b-US$1,303,625,000.0042.2x-55.6x4.1x
Thu, 07 Dec 2023US$68.0bUS$17.8b-US$1,303,625,000.0037.6x-52.2x3.8x
Sat, 04 Nov 2023US$60.2bUS$18.0b-US$1,213,926,000.0034.2x-49.6x3.3x
Mon, 02 Oct 2023US$60.2bUS$18.1bUS$40.9m21.8x1472.5x3.3x
Wed, 30 Aug 2023US$68.0bUS$18.1bUS$40.9m28.4x1664.3x3.8x
Fri, 28 Jul 2023US$68.9bUS$18.1bUS$792.5m22.2x86.9x3.8x
Price to Earnings Ratio

86.9x


Total Market Cap: US$68.9bTotal Earnings: US$792.5mTotal Revenue: US$18.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Office REITs Industry Price to Earnings3Y Average 17x202420252026
Current Industry PE
  • Investors are relatively neutral on the American Office REITs industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PS ratio of 3.4x.
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 5.4% per year, which is driving profits down.

Industry Trends

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

US Market-1.36%
Real Estate1.73%
Office REITs2.34%
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
VNO Vornado Realty TrustUS$39.743.7%
+US$269.0m		2.6%PB1.5x
HIW Highwoods PropertiesUS$32.975.2%
+US$180.8m		8.1%PB1.6x
SLG SL Green RealtyUS$50.805.0%
+US$173.5m		-15.1%PB1.1x
CUZ Cousins PropertiesUS$31.553.4%
+US$172.8m		11.8%PB1.2x
BXP BXPUS$67.901.3%
+US$137.2m		-1.6%PB2.1x

Latest News

PSTL
US$23.76
Postal Realty Trust
7D
-0.4%
1Y
62.0%
Seeking Alpha • Jul 20

Postal Realty: After 99% Total Return, There's Still Room To Run (Downgrade)

Summary Postal Realty Trust has delivered a 99% total return since my last piece in April 2025, outperforming the S&P 500 and maintaining strong fundamentals. PSTL's portfolio benefits from 100% tenant retention, growing contractual rent escalators, and minimal capital expenditure requirements, supporting organic AFFO growth. With a forward P/FFO of 16.9 and a 4.1% dividend yield, PSTL is transitioning from a value to a growth stock, targeting low-teens annual total returns. I'm downgrading PSTL to a "Buy," due to its valuation. Read the full article on Seeking Alpha
JBGS
US$14.54
JBG SMITH Properties
7D
-0.4%
1Y
-20.3%
HIW
US$32.97
Highwoods Properties
7D
5.2%
1Y
8.1%
VNO
US$39.74
Vornado Realty Trust
7D
3.7%
1Y
2.6%
CUZ
US$31.55
Cousins Properties
7D
3.4%
1Y
11.8%
Narrative Update • Jul 15

CUZ: Sunbelt Leasing Resilience And Buybacks Will Shape Balanced Office Repricing

Analysts have lifted their blended price target for Cousins Properties from $30.25 to about $31.42, citing higher sector targets and growing confidence that office leasing trends and AI related demand risks are stabilizing for office REITs. Analyst Commentary Recent Street research on Cousins Properties highlights a mix of optimism around leasing trends and AI related office demand, alongside ongoing caution on fundamentals and macro risks. Bullish Takeaways Bullish analysts have raised price targets on Cousins Properties into the US$30 to US$34 range, which they link to improving sentiment on office REITs and more confidence in the sector's risk profile.
ONL
US$2.65
Orion Properties
7D
-2.6%
1Y
3.5%
BXP
US$67.90
BXP
7D
1.3%
1Y
-1.6%
Narrative Update • Jul 13

BXP: Heavier Interest Costs And Capex Will Pressure Leasing-Driven Optimism

Analysts have made a small adjustment to fair value for Boston Properties, trimming the target from $60.00 to $58.00 as they balance higher published price targets from firms citing stronger leasing trends and easing AI disruption concerns with more cautious views that factor in higher interest costs, elevated capital expenditure, and refinancing pressure. Analyst Commentary Recent research on Boston Properties highlights a split view, with some firms lifting price targets and others turning more guarded as they reassess refinancing needs, capital expenditures, and the pace of leasing activity.
KRC
US$39.64
Kilroy Realty
7D
1.7%
1Y
6.2%
CDP
US$37.36
COPT Defense Properties
7D
2.4%
1Y
33.6%
BDN
US$3.09
Brandywine Realty Trust
7D
-1.9%
1Y
-25.7%
SLG
US$50.80
SL Green Realty
7D
5.0%
1Y
-15.1%
Narrative Update • Jun 30

SLG: NYC Office Leasing Momentum And Dividends Will Shape Forward Return Balance

Analysts have trimmed the fair value estimate for SL Green Realty to about $49, even as Street price targets in the $50 to $53 range reflect updated views on New York City office leasing strength and demand from key tenant groups. Analyst Commentary Recent Street research on SL Green Realty shows a mix of optimism around New York City office leasing trends and caution on how those trends translate into long term value for shareholders.
DEI
US$12.13
Douglas Emmett
7D
-0.4%
1Y
-21.8%
Narrative Update • Jun 30

DEI: Fair Outlook Balances NYC Office Demand And Beverly Hills Expansion

For Douglas Emmett, the analyst price target underpinning this framework edges up from $10.00 to $11.00 as analysts factor in updated NAREIT and Q1 sector readthroughs, slight tweaks to the discount rate and revenue growth assumptions, and a higher implied future P/E multiple. Analyst Commentary Recent Street research around Douglas Emmett points to a mixed backdrop, where several firms are refining their models following sector conferences and Q1 readthroughs.
HPP
US$14.75
Hudson Pacific Properties
7D
-4.3%
1Y
-16.4%
Narrative Update • Jun 29

HPP: Leasing Progress And Studio Debt Overhang Will Shape Balanced Outlook

The updated analyst price target for Hudson Pacific Properties moves to $15.00 from $13.14, as analysts balance improved leasing trends and West Coast office fundamentals against valuation sensitivities, upcoming debt maturities on the Hollywood media portfolio, and later studio lease expirations with Netflix. Analyst Commentary Recent Street research on Hudson Pacific Properties shows a mix of cautious and constructive views, with price targets clustered around the low to mid teens and commentary focused on leasing progress, Hollywood studio exposure and upcoming debt maturities.
OPI
US$18.93
Office Properties Income Trust
7D
10.8%
1Y
n/a
CMCT
US$2.42
Creative Media & Community Trust
7D
-26.0%
1Y
-99.7%
FSP
US$0.47
Franklin Street Properties
7D
-1.5%
1Y
-71.2%