Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

U.S. Office REITs Industry Analysis

UpdatedDec 02, 2025
DataAggregated Company Financials
Companies24
  • 7D2.8%
  • 3M-6.5%
  • 1Y-16.2%
  • YTD-11.4%

Over the last 7 days, the Office REITs industry has risen 2.8%, driven by gains from BXP of 1.9%. In contrast, the industry has lost 16% in the last 12 months. Looking forward, earnings are forecast to decline by 8.0% per year.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Sun, 25 Jun 2023US$57.2bUS$18.0bUS$1.3b18.2x43.1x3.2x
Tue, 23 May 2023US$58.3bUS$18.0bUS$1.3b19.2x43.9x3.2x
Thu, 20 Apr 2023US$61.6bUS$18.1bUS$1.7b19.8x35.8x3.4x
Price to Earnings Ratio

34.2x


Total Market Cap: US$59.0bTotal 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 89.2x20242025
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 3.5x.
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 3.3% per year, which is driving profits down.

Industry Trends

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

US Market1.79%
Real Estate0.58%
Office REITs2.76%
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
BXP BXPUS$71.971.9%
+US$207.6m		-11.0%PB2.3x
CUZ Cousins PropertiesUS$25.672.2%
+US$94.1m		-18.0%PB0.9x
DEI Douglas EmmettUS$12.133.8%
+US$73.7m		-37.0%PB1x
HPP Hudson Pacific PropertiesUS$13.865.3%
+US$37.9m		-46.5%PB0.3x
PDM Piedmont Realty TrustUS$8.722.8%
+US$29.9m		-5.3%PB0.7x

Latest News

ESRT
US$7.05
Empire State Realty Trust
7D
1.7%
1Y
-34.9%

ESRT: Leasing Momentum Will Support Resilient Performance Amid Market Uncertainty

Empire State Realty Trust's analyst price target has been reduced from $8.97 to $8.55 per share, as analysts cite ongoing macroeconomic and labor market concerns even though the REIT sector has generally shown stable performance. Analyst Commentary Bullish Takeaways Several analysts note that, despite current macroeconomic and labor market headwinds, the majority of REITs, including Empire State Realty Trust, reported stable earnings and maintained positive outlooks for Q3 2025.
DEI
US$12.13
Douglas Emmett
7D
3.8%
1Y
-37.0%

DEI: Recent Market Activity Will Drive Resilience Despite Mixed Sector Outlook

Analysts have modestly reduced their price target for Douglas Emmett from $15.25 to $14.32, citing lowered growth and profit margin expectations. They also highlight stable operating conditions observed across the REIT sector.
KRC
US$42.70
Kilroy Realty
7D
-0.8%
1Y
5.6%

KRC: West Coast Office Stabilization Will Be Driven By Leasing Execution Through 2027

Analysts have modestly increased their fair value estimate for Kilroy Realty by $0.20 to $42.93. This change reflects recent updates to revenue growth and profit margin assumptions following adjustments to price targets and operating outlooks.
SLG
US$46.85
SL Green Realty
7D
0.1%
1Y
-36.5%

SLG: Leasing Momentum And New Midtown Deal Will Drive Office Market Upside

Analysts have revised their average price target for SL Green Realty down slightly to approximately $60.16 from $62, citing cautious outlooks on FFOPS estimates and persistent interest expense concerns. This comes despite signs of leasing momentum and recent strong sector earnings.
BXP
US$71.97
BXP
7D
1.9%
1Y
-11.0%

BXP: Future Demand From AI Tenants And Asset Sales Will Shape Returns

BXP’s analyst price target has been modestly revised as recent adjustments reflect shifts in market sentiment and updated expectations for revenue growth, profit margin, and valuations. Analysts are weighing both healthy operational conditions and mixed macroeconomic signals.
CIO
US$6.80
City Office REIT
7D
-0.6%
1Y
20.6%
CUZ
US$25.67
Cousins Properties
7D
2.2%
1Y
-18.0%

CUZ: Shares Will Benefit From Upgraded JPMorgan Model And Overweight Rating

Narrative Update on Cousins Properties Analysts have modestly lowered the price target for Cousins Properties from $32.83 to $32.00, reflecting updated projections of revenue growth and profit margins. Analyst Commentary Recent Street Research has highlighted key areas of optimism and caution regarding the outlook for Cousins Properties.
HPP
US$13.86
Hudson Pacific Properties
7D
5.3%
1Y
-46.5%
NLOP
US$29.44
Net Lease Office Properties
7D
-1.1%
1Y
-7.0%
PDM
US$8.72
Piedmont Realty Trust
7D
2.8%
1Y
-5.3%
HIW
US$27.51
Highwoods Properties
7D
-0.2%
1Y
-11.7%
PKST
US$13.65
Peakstone Realty Trust
7D
2.1%
1Y
4.3%
VNO
US$36.73
Vornado Realty Trust
7D
-1.2%
1Y
-14.2%
JBGS
US$18.06
JBG SMITH Properties
7D
-0.9%
1Y
10.1%
DEA
US$21.72
Easterly Government Properties
7D
-0.05%
1Y
-28.8%