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U.S. Office REITs Industry Analysis

UpdatedJun 06, 2026
DataAggregated Company Financials
Companies21
  • 7D3.9%
  • 3M18.6%
  • 1Y-11.3%
  • YTD1.6%

In the last week, the Office REITs industry is up 3.9%, with BXP leading the way with a 3.9% gain. Meanwhile, Empire State Realty Trust actually underperformed within the industry, shrinking 8.0% in the last week. In the past year, the industry is down 11%. In the next few years, earnings are forecast to decline by 3.0% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 06 Jun 2026US$47.6bUS$15.3b-US$347,311,000.0028.5x-136.9x3.1x
Mon, 04 May 2026US$44.8bUS$15.5b-US$272,638,000.0029.7x-164.2x2.9x
Wed, 01 Apr 2026US$38.9bUS$15.4b-US$61,495,000.0026.2x-633.3x2.5x
Fri, 27 Feb 2026US$43.5bUS$15.7bUS$68.6m29.5x633.8x2.8x
Sun, 25 Jan 2026US$47.3bUS$15.5b-US$259,532,000.0032.7x-182.2x3x
Tue, 23 Dec 2025US$48.2bUS$15.7b-US$388,502,000.0031.9x-124x3.1x
Thu, 20 Nov 2025US$50.8bUS$16.4b-US$503,077,000.0033x-101x3.1x
Sat, 18 Oct 2025US$54.1bUS$16.3b-US$769,198,000.0041.3x-70.4x3.3x
Mon, 15 Sep 2025US$60.2bUS$16.2b-US$807,521,000.0038.5x-74.6x3.7x
Wed, 13 Aug 2025US$51.2bUS$16.3b-US$809,079,000.0035.8x-63.2x3.1x
Fri, 11 Jul 2025US$55.0bUS$16.3b-US$756,442,000.0050.8x-72.7x3.4x
Sun, 08 Jun 2025US$55.8bUS$16.3b-US$756,442,000.0046.5x-73.7x3.4x
Tue, 06 May 2025US$50.3bUS$16.3b-US$770,835,000.0046.7x-65.3x3.1x
Thu, 03 Apr 2025US$50.7bUS$15.7b-US$740,439,200.0069.8x-68.5x3.2x
Sat, 01 Mar 2025US$53.2bUS$15.4b-US$749,381,000.0064x-71x3.5x
Mon, 27 Jan 2025US$51.5bUS$15.7b-US$663,144,000.0032x-77.7x3.3x
Wed, 25 Dec 2024US$56.6bUS$15.7b-US$817,078,000.0029.4x-69.3x3.6x
Fri, 22 Nov 2024US$58.8bUS$15.7b-US$817,078,000.0043.3x-72x3.7x
Sun, 20 Oct 2024US$64.2bUS$15.8b-US$1,001,892,000.0080.7x-64.1x4.1x
Tue, 17 Sep 2024US$57.6bUS$15.8b-US$1,012,639,000.0075.7x-56.9x3.6x
Thu, 15 Aug 2024US$51.9bUS$15.8b-US$1,028,078,000.0064.6x-50.5x3.3x
Sat, 13 Jul 2024US$48.9bUS$15.8b-US$1,919,252,000.0052.8x-25.5x3.1x
Mon, 10 Jun 2024US$44.6bUS$15.6b-US$1,919,252,000.0047.6x-23.3x2.9x
Wed, 08 May 2024US$66.9bUS$18.5b-US$1,779,837,000.0049.7x-37.6x3.6x
Fri, 05 Apr 2024US$68.5bUS$18.5b-US$1,704,925,000.0050.7x-40.2x3.7x
Sun, 03 Mar 2024US$69.5bUS$18.5b-US$1,569,529,000.0048.6x-44.3x3.8x
Tue, 30 Jan 2024US$71.9bUS$17.9b-US$1,393,038,000.0040.4x-51.6x4x
Thu, 28 Dec 2023US$74.1bUS$17.8b-US$1,303,625,000.0042.2x-56.8x4.2x
Sat, 25 Nov 2023US$58.9bUS$17.8b-US$1,303,625,000.0034x-45.2x3.3x
Mon, 23 Oct 2023US$55.5bUS$18.0bUS$23.1m19.9x2401.9x3.1x
Wed, 20 Sep 2023US$66.1bUS$18.1bUS$40.9m25.4x1617.1x3.7x
Fri, 18 Aug 2023US$64.4bUS$18.1bUS$40.9m27.7x1575.3x3.6x
Sun, 16 Jul 2023US$65.4bUS$18.0bUS$1.3b22x49.2x3.6x
Tue, 13 Jun 2023US$61.7bUS$18.0bUS$1.3b18.7x46.5x3.4x
Price to Earnings Ratio

46.5x


Total Market Cap: US$61.7bTotal Earnings: US$1.3bTotal Revenue: US$18.0bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Office REITs Industry Price to Earnings3Y Average 29.4x202420252026
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 5.2% per year, which is driving profits down.

Industry Trends

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

US Market-2.90%
Real Estate1.00%
Office REITs3.89%
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$62.333.9%
+US$370.0m		-15.9%PB1.9x
KRC Kilroy RealtyUS$37.038.1%
+US$320.9m		6.0%PB0.8x
VNO Vornado Realty TrustUS$35.214.3%
+US$274.6m		-12.5%PB1.4x
HIW Highwoods PropertiesUS$27.886.8%
+US$196.3m		-10.3%PB1.3x
SLG SL Green RealtyUS$47.835.4%
+US$172.8m		-25.7%PB1x

Latest News

ESRT
US$5.27
Empire State Realty Trust
7D
-8.0%
1Y
-37.3%
SLG
US$47.83
SL Green Realty
7D
5.4%
1Y
-25.7%
CUZ
US$27.69
Cousins Properties
7D
3.3%
1Y
-5.8%
Narrative Update • Jun 03

CUZ: Sunbelt Leasing And Buybacks Will Support Steady Repricing Risks

Narrative Update The updated analyst price target for Cousins Properties moves to $30.00. Analysts point to tempered sector expectations, modest implied FFO multiple expansion, and the stock trading at a discount to its pre COVID-era FFO multiple despite signs of improving occupancy and leasing in its Sunbelt-focused portfolio.
DEI
US$12.20
Douglas Emmett
7D
4.8%
1Y
-17.0%
KRC
US$37.03
Kilroy Realty
7D
8.1%
1Y
6.0%
Seeking Alpha • Jun 02

Become A Landlord In Silicon Valley With A +6% Yield While AI Booms: Kilroy Realty

Summary The Picks and Axes Strategy: Avoid the speculation of picking AI tech winners; own the irreplaceable West Coast real estate held by Kilroy Realty Corporation where their teams live. Over 75% of all domestic venture capital funding for artificial intelligence flows directly through KRC's primary geographic markets. AI real estate demand is inherently compounding—90% of signed leases are expansionary, with scaling firms routinely tripling their original footprint. With a conservative Funds Available for Distribution payout ratio sitting at 69.6%, your +6% dividend yield is wrapped in a fortress of free cash flow. Read the full article on Seeking Alpha
VNO
US$35.21
Vornado Realty Trust
7D
4.3%
1Y
-12.5%
Narrative Update • Jun 01

VNO: Penn District Redevelopment And NYC Leasing Momentum Will Support Future Upside

Vornado Realty Trust's analyst price target has moved modestly higher to $37 as analysts factor in updated funds from operations outlooks for 2026 and 2027, along with signs of firmer NYC office leasing demand. Analyst Commentary Recent Street research around Vornado Realty Trust has shifted toward a more constructive tone, with several firms updating models and adjusting price targets as they incorporate fresh leasing data and funds from operations assumptions.
HPP
US$13.74
Hudson Pacific Properties
7D
14.7%
1Y
-16.5%
Narrative Update • Jun 01

HPP: West Coast Leasing Progress Will Shape Future Upside Potential

Analysts have raised the consolidated Hudson Pacific Properties price target to $12, up from a prior range that included $6.50, $7.50 and $8, citing improving fundamentals in West Coast office and sequential leasing progress as key supports for the change. Analyst Commentary Recent research updates show a clear shift in tone among bullish analysts, with several lifting price targets into the low teens while generally maintaining Neutral ratings.
BXP
US$62.33
BXP
7D
3.9%
1Y
-15.9%
Narrative Update • Jun 01

BXP: Gateway Leasing Progress Will Support Post AI Disruption Recovery

BXP's analyst fair value estimate has been trimmed by about $1 to $68.35 as analysts factor in higher borrowing costs, heavier capital expenditure, and the potential impact of refinancings on near term growth and leverage. Analyst Commentary Recent Street research on BXP shows a cluster of lower price targets and more cautious modeling, with most analysts focusing on the balance between higher funding costs, capex needs, and the company’s ability to execute on leasing and asset sales.
HIW
US$27.88
Highwoods Properties
7D
6.8%
1Y
-10.3%
Seeking Alpha • May 29

Highwoods Properties: An Office REIT Betting On Sunbelt Growth And Occupancy Boost

Summary Highwoods Properties earns a 'Hold' rating due to mixed growth signals, despite beating Q1 estimates and offering a 7%+ dividend yield. HIW's Sunbelt focus, recent investments, and high occupancy outlook support potential upside, but unsteady revenue and declining EBITDA margins temper enthusiasm. Dividend coverage is strong with a 1.68x AFFO payout, yet five-year dividend growth remains flat, limiting its appeal beyond yield-focused investors. Valuation appears attractive with a 7.3x fwd P/FFO, but muted near-term upside and technical trends reinforce a neutral stance pending sustained occupancy and FFO growth. Read the full article on Seeking Alpha
PSTL
US$22.74
Postal Realty Trust
7D
-1.3%
1Y
59.9%
ONL
US$2.82
Orion Properties
7D
-5.4%
1Y
34.3%
NLOP
US$11.93
Net Lease Office Properties
7D
-0.7%
1Y
-62.1%
CMCT
US$3.22
Creative Media & Community Trust
7D
-29.1%
1Y
-99.7%
DEA
US$23.90
Easterly Government Properties
7D
-0.3%
1Y
6.6%
Seeking Alpha • May 01

Easterly Government Properties: Rate Pressure Grows, But Major Opportunity Remains

Summary Easterly Government Properties remains a buy, supported by resilient government-backed leases and a significant margin of safety implied in the current valuation. DEA’s Q1 results were solid, with FFO in line and revenue slightly beating expectations; core FFO guidance was raised at the low end, reflecting new mezzanine lending activity. The company’s $1.5 billion long-term pipeline and sustainable ~7.77% yield are offset by high borrowing costs and macro risks, particularly from inflation and delayed Fed rate cuts. Intrinsic value is estimated well above current levels, indicating that the market already prices in substantial risk, leaving room for a potential re-rating. Read the full article on Seeking Alpha