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U.S. Office REITs Industry Analysis

UpdatedJan 17, 2026
DataAggregated Company Financials
Companies22
  • 7D-0.01%
  • 3M-7.0%
  • 1Y-14.4%
  • YTD2.3%

The Office REITs is pretty flat in the last 7 days, but COPT Defense Properties has stood out, gaining 4.3%. Unfortunately though, the industry is down 14% over the past 12 months. In the next few years, earnings are forecast to decline by 14% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 17 Jan 2026US$48.6bUS$15.5b-US$259,532,000.0032.1x-187.1x3.1x
Mon, 15 Dec 2025US$51.4bUS$16.4b-US$485,906,000.0033.9x-105.7x3.1x
Wed, 12 Nov 2025US$53.1bUS$16.4b-US$537,335,000.0035.9x-98.9x3.2x
Fri, 10 Oct 2025US$56.3bUS$16.2b-US$807,521,000.0035.9x-69.7x3.5x
Sun, 07 Sep 2025US$58.1bUS$16.2b-US$807,521,000.0038.6x-72x3.6x
Tue, 05 Aug 2025US$52.4bUS$16.3b-US$1,119,665,000.0049.2x-46.8x3.2x
Thu, 03 Jul 2025US$54.8bUS$16.3b-US$756,442,000.0049.4x-72.4x3.4x
Sat, 31 May 2025US$52.9bUS$16.3b-US$756,442,000.0045x-69.9x3.2x
Mon, 28 Apr 2025US$47.4bUS$15.6b-US$803,052,000.0064.8x-59.1x3x
Wed, 26 Mar 2025US$52.1bUS$15.7b-US$740,439,200.0068.9x-70.4x3.3x
Fri, 21 Feb 2025US$52.9bUS$15.2b-US$991,574,000.00110.7x-53.4x3.5x
Sun, 19 Jan 2025US$55.1bUS$15.7b-US$817,078,000.0028.1x-67.4x3.5x
Tue, 17 Dec 2024US$59.1bUS$15.7b-US$817,078,000.0030.8x-72.3x3.8x
Thu, 14 Nov 2024US$59.5bUS$15.7b-US$802,091,000.0042.8x-74.2x3.8x
Sat, 12 Oct 2024US$58.5bUS$15.8b-US$1,012,639,000.0074x-57.7x3.7x
Mon, 09 Sep 2024US$54.3bUS$15.8b-US$1,012,639,000.0070.3x-53.6x3.4x
Wed, 07 Aug 2024US$50.4bUS$15.9b-US$1,452,491,000.0064.4x-34.7x3.2x
Fri, 05 Jul 2024US$46.2bUS$15.8b-US$1,919,252,000.0048.5x-24.1x2.9x
Sun, 02 Jun 2024US$66.4bUS$18.6b-US$1,735,178,000.0049.6x-38.3x3.6x
Tue, 30 Apr 2024US$66.2bUS$18.5b-US$1,644,463,000.0051.9x-40.3x3.6x
Thu, 28 Mar 2024US$70.1bUS$18.5b-US$1,697,603,000.0052.1x-41.3x3.8x
Sat, 24 Feb 2024US$67.9bUS$18.4b-US$1,564,160,000.0039.3x-43.4x3.7x
Mon, 22 Jan 2024US$70.7bUS$17.8b-US$1,303,625,000.0040.3x-54.2x4x
Wed, 20 Dec 2023US$74.0bUS$17.8b-US$1,303,625,000.0041.3x-56.7x4.2x
Fri, 17 Nov 2023US$59.4bUS$17.8b-US$1,305,309,000.0034x-45.5x3.3x
Sun, 15 Oct 2023US$57.5bUS$18.1bUS$40.9m21.4x1408x3.2x
Tue, 12 Sep 2023US$66.7bUS$18.1bUS$40.9m25.7x1631.9x3.7x
Thu, 10 Aug 2023US$67.9bUS$18.1bUS$93.2m28.5x728.3x3.8x
Sat, 08 Jul 2023US$63.8bUS$18.0bUS$1.3b21x48.1x3.5x
Mon, 05 Jun 2023US$58.4bUS$18.0bUS$1.3b19.1x44x3.2x
Wed, 03 May 2023US$58.7bUS$18.1bUS$1.4b21x42.1x3.2x
Fri, 31 Mar 2023US$61.8bUS$18.1bUS$1.7b20.2x35.7x3.4x
Price to Earnings Ratio

35.7x


Total Market Cap: US$61.8bTotal 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 79.5x202420252026
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 5.0% per year, which is driving profits down.

Industry Trends

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

US Market-0.34%
Real Estate3.13%
Office REITs-0.01%
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
CDP COPT Defense PropertiesUS$30.844.3%
+US$144.6m		4.3%PB2.3x
CUZ Cousins PropertiesUS$26.992.6%
+US$114.2m		-11.9%PB1x
DEA Easterly Government PropertiesUS$23.103.3%
+US$34.1m		-19.8%PB0.8x
ESRT Empire State Realty TrustUS$6.583.0%
+US$32.3m		-31.7%PB1.1x
HIW Highwoods PropertiesUS$27.541.1%
+US$31.9m		-8.9%PB1.3x

Latest News

SLG
US$48.57
SL Green Realty
7D
-1.7%
1Y
-26.2%
BXP
US$67.95
BXP
7D
-0.04%
1Y
-7.2%
PDM
US$8.55
Piedmont Realty Trust
7D
1.7%
1Y
-3.1%
HIW
US$27.54
Highwoods Properties
7D
1.1%
1Y
-8.9%
FSP
US$0.91
Franklin Street Properties
7D
-1.2%
1Y
-51.3%
PSTL
US$17.52
Postal Realty Trust
7D
7.4%
1Y
34.3%

PSTL: Slightly Higher Fair Value Will Sustain Cautious Neutral Stance

Analysts have slightly increased their price target on Postal Realty Trust to $18.07 from $17.93, citing modest adjustments in discount rate, fair value assumptions, profit margin expectations and future P/E estimates. What's in the News From July 1, 2025 to September 30, 2025, Postal Realty Trust reported no share repurchases under its existing buyback program, with 0 shares repurchased for $0 million during the period (Key Developments).
KRC
US$37.70
Kilroy Realty
7D
-5.4%
1Y
-3.2%

KRC: Capitalized Interest Roll Off In 2026 Will Reshape Cash Flows

Narrative update Analysts have nudged their fair value estimate for Kilroy Realty up from about $51.04 to $53.17, reflecting modestly updated views on 2026 cash flow drivers, capitalized interest roll off, and generally steady operating conditions across office REITs. Analyst Commentary Recent Street research on Kilroy Realty has been fairly balanced, with several firms adjusting price targets while keeping neutral or equal weight stances. For you as an investor, the key takeaway is that expectations are being fine tuned around specific 2026 cash flow items rather than broad shifts in sentiment on the business as a whole.
CUZ
US$26.99
Cousins Properties
7D
2.6%
1Y
-11.9%

CUZ: Shares Should Benefit From Improving Occupancy And Upgraded BMO Rating

Narrative Update Analysts have nudged their price target for Cousins Properties to $31 from $30, describing the company as one of the few office REITs where they anticipate improving occupancy and funds from operations trends into 2026 and 2027. Analyst Commentary Bullish analysts are highlighting Cousins Properties as one of a small group of office REITs where they see specific operational drivers that could matter for valuation over the next few years.
ESRT
US$6.58
Empire State Realty Trust
7D
3.0%
1Y
-31.7%

ESRT: Buybacks And Leasing Execution Will Drive Future Upside Potential

Analysts have trimmed their price targets on Empire State Realty Trust, with one prominent cut from US$8.30 to US$6.80. This reflects updated fair value estimates and views on sector operating conditions despite generally healthy recent REIT earnings.
CDP
US$30.84
COPT Defense Properties
7D
4.3%
1Y
4.3%
VNO
US$33.65
Vornado Realty Trust
7D
-2.5%
1Y
-18.6%

VNO: New York Leasing Strength And Share Pullback Will Support Upside Potential

Analysts have adjusted their price target for Vornado Realty Trust to $38, down from $41, citing updated sector-wide REIT assumptions and recent views that the stock's pullback, together with ongoing New York City leasing strength, creates a more balanced risk and reward profile. Analyst Commentary Recent research points to a more balanced outlook on Vornado Realty Trust, with some large firms highlighting both the recent share pullback and the strength of the underlying business as key parts of their reassessment.
NLOP
US$19.70
Net Lease Office Properties
7D
-1.5%
1Y
-37.8%
JBGS
US$17.62
JBG SMITH Properties
7D
2.7%
1Y
14.3%
CMCT
US$3.12
Creative Media & Community Trust
7D
-12.1%
1Y
-83.4%
DEA
US$23.10
Easterly Government Properties
7D
3.3%
1Y
-19.8%