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U.S. Office REITs Industry Analysis

UpdatedJul 17, 2026
DataAggregated Company Financials
Companies21
  • 7D5.8%
  • 3M25.1%
  • 1Y2.3%
  • YTD13.9%

BXP is up 5.6%, leading the way for the Office REITs industry, which has gained 5.8%. The industry has been flat over the past 12 months despite the gain this week. In the next few years, earnings are forecast to decline by 2.3% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 17 Jul 2026US$52.8bUS$15.3b-US$347,311,000.0031.8x-152.1x3.4x
Sun, 14 Jun 2026US$50.5bUS$15.3b-US$347,311,000.0029.9x-145.3x3.3x
Tue, 12 May 2026US$45.7bUS$15.4b-US$321,386,000.0028.1x-142.1x3x
Thu, 09 Apr 2026US$39.6bUS$15.4b-US$61,495,000.0026.9x-643.2x2.6x
Sat, 07 Mar 2026US$42.6bUS$15.5b-US$45,326,000.0027.1x-940.7x2.8x
Mon, 02 Feb 2026US$46.6bUS$15.7bUS$105.9m34.7x440x3x
Wed, 31 Dec 2025US$48.5bUS$15.7b-US$388,502,000.0031.6x-124.7x3.1x
Fri, 28 Nov 2025US$53.3bUS$16.4b-US$485,906,000.0034.1x-109.7x3.3x
Sun, 26 Oct 2025US$55.2bUS$16.4b-US$629,934,000.0041.9x-87.6x3.4x
Tue, 23 Sep 2025US$59.0bUS$16.2b-US$807,521,000.0037.8x-73x3.6x
Thu, 21 Aug 2025US$53.9bUS$16.2b-US$807,521,000.0036.2x-66.7x3.3x
Sat, 19 Jul 2025US$54.8bUS$16.4b-US$765,446,000.0048.9x-71.6x3.3x
Mon, 16 Jun 2025US$56.0bUS$16.3b-US$756,442,000.0047.2x-74x3.4x
Wed, 14 May 2025US$52.4bUS$16.3b-US$685,596,000.0046.8x-76.4x3.2x
Fri, 11 Apr 2025US$46.5bUS$15.7b-US$740,439,200.0063.1x-62.8x3x
Sun, 09 Mar 2025US$52.1bUS$15.7b-US$783,117,200.0068.7x-66.6x3.3x
Tue, 04 Feb 2025US$55.8bUS$15.4b-US$1,011,923,000.0064.8x-55.1x3.6x
Thu, 02 Jan 2025US$56.0bUS$15.7b-US$817,078,000.0028.9x-68.6x3.6x
Sat, 30 Nov 2024US$61.9bUS$15.7b-US$817,078,000.0043.9x-75.8x3.9x
Mon, 28 Oct 2024US$62.3bUS$15.7b-US$1,208,233,000.0076.3x-51.6x4x
Wed, 25 Sep 2024US$59.3bUS$15.8b-US$1,012,639,000.0076.1x-58.6x3.8x
Fri, 23 Aug 2024US$53.6bUS$15.8b-US$1,012,639,000.0066.8x-53x3.4x
Sun, 21 Jul 2024US$49.5bUS$15.8b-US$1,561,190,000.0052.1x-31.7x3.1x
Tue, 18 Jun 2024US$45.8bUS$15.8b-US$1,919,252,000.0048.6x-23.9x2.9x
Thu, 16 May 2024US$69.5bUS$18.6b-US$1,839,591,000.0052.9x-37.8x3.7x
Sat, 13 Apr 2024US$68.5bUS$18.5b-US$1,704,925,000.0050x-40.2x3.7x
Mon, 11 Mar 2024US$70.0bUS$18.5b-US$1,715,022,000.0052.8x-40.8x3.8x
Wed, 07 Feb 2024US$65.9bUS$17.9b-US$1,729,799,000.0037.4x-38.1x3.7x
Fri, 05 Jan 2024US$71.6bUS$17.8b-US$1,303,625,000.0041x-55x4x
Sun, 03 Dec 2023US$67.1bUS$17.8b-US$1,303,625,000.0037.8x-51.5x3.8x
Tue, 31 Oct 2023US$54.4bUS$18.1b-US$684,352,000.0026.2x-79.5x3x
Thu, 28 Sep 2023US$59.2bUS$18.1bUS$40.9m21.2x1448.5x3.3x
Sat, 26 Aug 2023US$65.5bUS$18.1bUS$40.9m27.7x1602.3x3.6x
Mon, 24 Jul 2023US$67.0bUS$18.0bUS$1.0b21x66.9x3.7x
Price to Earnings Ratio

66.9x


Total Market Cap: US$67.0bTotal Earnings: US$1.0bTotal Revenue: US$18.0bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Office REITs Industry Price to Earnings3Y Average 17.8x202420252026
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-0.88%
Real Estate3.03%
Office REITs5.76%
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$70.655.6%
+US$593.3m		2.3%PB2.2x
VNO Vornado Realty TrustUS$40.767.0%
+US$502.2m		6.3%PB1.6x
CUZ Cousins PropertiesUS$32.055.9%
+US$292.9m		13.8%PB1.2x
KRC Kilroy RealtyUS$40.415.6%
+US$251.2m		10.0%PB0.9x
SLG SL Green RealtyUS$51.747.1%
+US$242.5m		-15.6%PB1.1x

Latest News

HIW
US$33.41
Highwoods Properties
7D
5.9%
1Y
10.0%
VNO
US$40.76
Vornado Realty Trust
7D
7.0%
1Y
6.3%
CUZ
US$32.05
Cousins Properties
7D
5.9%
1Y
13.8%
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$2.68
Orion Properties
7D
-3.6%
1Y
4.7%
BXP
US$70.65
BXP
7D
5.6%
1Y
2.3%
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$40.41
Kilroy Realty
7D
5.6%
1Y
10.0%
CDP
US$37.68
COPT Defense Properties
7D
3.5%
1Y
34.4%
SLG
US$51.74
SL Green Realty
7D
7.1%
1Y
-15.6%
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$12.75
Douglas Emmett
7D
7.3%
1Y
-18.7%
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.
CMCT
US$2.66
Creative Media & Community Trust
7D
-22.2%
1Y
-99.6%
FSP
US$0.48
Franklin Street Properties
7D
-5.8%
1Y
-70.8%