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U.S. Office REITs Industry Analysis

UpdatedApr 21, 2026
DataAggregated Company Financials
Companies22
  • 7D8.3%
  • 3M-6.4%
  • 1Y-4.9%
  • YTD-6.8%

In the last week, the Office REITs industry is up 6.8%, with BXP up 10.0%. However, the industry is down 7.3% over the past year. Looking forward, earnings are forecast to decline by 15% 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 Apr 2026US$43.6bUS$15.4b-US$124,811,000.0029x-349.4x2.8x
Thu, 19 Mar 2026US$40.7bUS$15.4b-US$23,876,000.0026.9x-1703.6x2.6x
Sat, 14 Feb 2026US$42.8bUS$15.8bUS$66.8m32.9x640.2x2.7x
Mon, 12 Jan 2026US$48.9bUS$15.5b-US$259,532,000.0031.2x-188.4x3.2x
Wed, 10 Dec 2025US$50.3bUS$16.4b-US$485,906,000.0033.4x-103.5x3.1x
Fri, 07 Nov 2025US$52.6bUS$16.2b-US$453,483,000.0034.9x-116x3.2x
Sun, 05 Oct 2025US$57.8bUS$16.2b-US$807,521,000.0037.4x-71.6x3.6x
Tue, 02 Sep 2025US$56.6bUS$16.2b-US$807,521,000.0037.8x-70.1x3.5x
Thu, 31 Jul 2025US$55.3bUS$16.3b-US$896,432,000.0050.2x-61.7x3.4x
Sat, 28 Jun 2025US$54.3bUS$16.3b-US$756,442,000.0048x-71.8x3.3x
Mon, 26 May 2025US$50.3bUS$16.3b-US$756,442,000.0044.2x-66.6x3.1x
Wed, 23 Apr 2025US$45.6bUS$15.6b-US$774,655,200.0056.7x-58.8x2.9x
Fri, 21 Mar 2025US$51.5bUS$15.7b-US$740,439,200.0069.3x-69.6x3.3x
Sun, 16 Feb 2025US$53.4bUS$15.3b-US$952,742,000.00109.3x-56x3.5x
Tue, 14 Jan 2025US$51.4bUS$15.7b-US$817,078,000.0027.3x-62.9x3.3x
Thu, 12 Dec 2024US$58.9bUS$15.7b-US$817,078,000.0030.8x-72.1x3.8x
Sat, 09 Nov 2024US$62.1bUS$16.0b-US$729,294,000.0043.8x-85.2x3.9x
Mon, 07 Oct 2024US$58.4bUS$15.8b-US$1,012,639,000.0074.1x-57.6x3.7x
Wed, 04 Sep 2024US$55.5bUS$15.8b-US$1,012,639,000.0070.1x-54.8x3.5x
Fri, 02 Aug 2024US$53.3bUS$15.8b-US$1,436,716,000.0065.9x-37.1x3.4x
Sun, 30 Jun 2024US$46.0bUS$15.8b-US$1,919,252,000.0048.9x-24x2.9x
Tue, 28 May 2024US$65.2bUS$18.6b-US$1,732,377,000.0048.5x-37.7x3.5x
Thu, 25 Apr 2024US$67.5bUS$18.5b-US$1,589,568,000.0052x-42.5x3.7x
Sat, 23 Mar 2024US$69.4bUS$18.5b-US$1,697,603,000.0052.2x-40.9x3.8x
Mon, 19 Feb 2024US$68.7bUS$18.2b-US$1,769,178,000.0040.1x-38.9x3.8x
Wed, 17 Jan 2024US$72.2bUS$17.8b-US$1,303,625,000.0040.6x-55.4x4.1x
Fri, 15 Dec 2023US$72.2bUS$17.8b-US$1,303,625,000.0042.6x-55.4x4.1x
Sun, 12 Nov 2023US$55.7bUS$17.8b-US$1,286,439,000.0031.9x-43.3x3.1x
Tue, 10 Oct 2023US$57.8bUS$18.1bUS$40.9m20.8x1414.1x3.2x
Thu, 07 Sep 2023US$67.7bUS$18.1bUS$40.9m26.4x1656.9x3.7x
Sat, 05 Aug 2023US$68.3bUS$18.1bUS$571.0m23.8x119.6x3.8x
Mon, 03 Jul 2023US$61.8bUS$18.0bUS$1.3b19.5x46.6x3.4x
Wed, 31 May 2023US$56.8bUS$18.0bUS$1.3b18.9x42.8x3.2x
Fri, 28 Apr 2023US$60.2bUS$18.7bUS$1.4b21.4x41.6x3.2x
Price to Earnings Ratio

41.6x


Total Market Cap: US$60.2bTotal Earnings: US$1.4bTotal Revenue: US$18.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Office REITs Industry Price to Earnings3Y Average 38.7x202420252026
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 2.8x.
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 6.1% per year, which is driving profits down.

Industry Trends

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

US Market3.58%
Real Estate3.84%
Office REITs8.31%
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$58.9110.0%
+US$847.3m		-5.8%PB1.8x
KRC Kilroy RealtyUS$32.1411.9%
+US$398.7m		3.0%PB0.7x
VNO Vornado Realty TrustUS$29.587.4%
+US$384.6m		-10.6%PB1.2x
SLG SL Green RealtyUS$44.0812.8%
+US$360.0m		-12.2%PB0.9x
CUZ Cousins PropertiesUS$24.837.5%
+US$287.4m		-5.9%PB0.9x

Latest News

DEI
US$10.83
Douglas Emmett
7D
12.0%
1Y
-19.9%
KRC
US$32.14
Kilroy Realty
7D
11.9%
1Y
3.0%

KRC: AI Office Disruption And Tenant Moveouts Will Pressure Future Earnings

Analysts have trimmed the average price target for Kilroy Realty by several dollars, with cuts from multiple firms clustering in the $4 to $8 range, as they factor in office sector headwinds, tenant moveouts, and a shift in preference toward REITs that can grow through acquisitions and higher target development yields. Analyst Commentary Recent research has leaned cautious, with multiple bearish analysts cutting price targets and, in one case, lowering the rating, as they reassess Kilroy Realty's risk and return profile within the office REIT group.
HPP
US$8.51
Hudson Pacific Properties
7D
39.3%
1Y
-44.7%

HPP: 2026 FFO Guidance And Studio Actions Will Support Future Upside

Hudson Pacific Properties' updated analyst price target edges lower from about $12.20 to roughly $11.59, as analysts factor in revised fair value estimates along with more cautious assumptions on revenue trends and future P/E multiples. Analyst Commentary Recent Street research on Hudson Pacific Properties shows active recalibration of price targets, with some firms trimming expectations and others modestly lifting them, as they reassess earnings power, asset values, and execution in both the office and studio segments.
SLG
US$44.08
SL Green Realty
7D
12.8%
1Y
-12.2%
VNO
US$29.58
Vornado Realty Trust
7D
7.4%
1Y
-10.6%

VNO: AI Office Demand Risk Will Pressure Future Multiple Repricing

Vornado Realty Trust's analyst price targets have broadly shifted lower, with a new $25 fair value estimate reflecting updated models that incorporate tempered revenue growth assumptions, changing views on profit margins and future P/E multiples, and a more cautious stance from recent Street research on office REITs and AI related office demand risks. Analyst Commentary Recent Street research highlights a clear tilt toward more conservative assumptions on Vornado Realty Trust, as multiple bearish analysts have trimmed price targets and reset expectations around valuations, leasing fundamentals, and the impact of AI related office demand risks.
CUZ
US$24.83
Cousins Properties
7D
7.5%
1Y
-5.9%

Sun Belt Office Demand And Limited New Supply Will Support Long Term Stability

Catalysts About Cousins Properties Cousins Properties is a US REIT focused on owning, operating and developing Class A office and mixed use assets in high growth Sun Belt markets. What are the underlying business or industry changes driving this perspective?
BXP
US$58.91
BXP
7D
10.0%
1Y
-5.8%

BXP: Gateway Offices And 360 Park Leases Will Support Post AI Disruption Recovery

The analyst price target for BXP has been reduced by about $1 to $71.10, as analysts factor in a slightly higher discount rate, modestly lower profit margin assumptions, and ongoing sector headwinds highlighted in recent research. Analyst Commentary Recent Street research on BXP shows a cluster of reduced price targets and one upgrade, reflecting mixed conviction around how the company can balance office sector risks with its development pipeline and current valuation.
HIW
US$24.10
Highwoods Properties
7D
7.1%
1Y
-11.1%

HIW: ATM Equity Program And Office Leasing Trends Will Support Future Resilience

Analysts have trimmed the price target for Highwoods Properties by about $0.11 to $26.33, reflecting updated assumptions for revenue growth, profit margins, discount rates and future P/E multiples in light of recent sector wide target reductions tied to softer macro views and potential pressure on office demand. Analyst Commentary Recent research on Highwoods Properties points to a mixed setup, with several firms trimming price targets while keeping ratings clustered around Neutral or Hold, and one upgrade to a more balanced stance.
FSP
US$0.65
Franklin Street Properties
7D
-2.5%
1Y
-56.8%
CMCT
US$6.40
Creative Media & Community Trust
7D
-30.8%
1Y
-98.5%