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U.S. Office REITs Industry Analysis

UpdatedSep 14, 2026
DataAggregated Company Financials
Companies21
  • 7D-3.5%
  • 3M-3.2%
  • 1Y-16.0%
  • YTD2.4%

Over the last 7 days, the Office REITs industry has dropped 3.5%, driven by declines from every company within the industry. However, the industry is down 16% over the past year. Looking forward, earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 15 Sep 2026US$48.5bUS$15.5b-US$1,739,663,000.0049x-27.9x3.1x
Thu, 13 Aug 2026US$50.8bUS$15.5b-US$1,725,977,000.0049x-29.4x3.3x
Sat, 11 Jul 2026US$51.1bUS$15.3b-US$347,311,000.0030x-147.2x3.3x
Mon, 08 Jun 2026US$47.8bUS$15.3b-US$347,311,000.0028.5x-137.7x3.1x
Wed, 06 May 2026US$44.1bUS$15.5b-US$272,602,000.0029.3x-161.8x2.8x
Fri, 03 Apr 2026US$38.9bUS$15.4b-US$61,495,000.0026.5x-633x2.5x
Sun, 01 Mar 2026US$42.2bUS$15.7b-US$42,278,000.0028.3x-999.2x2.7x
Tue, 27 Jan 2026US$47.3bUS$15.5b-US$259,532,000.0032.4x-182.2x3x
Thu, 25 Dec 2025US$48.3bUS$15.7b-US$388,502,000.0031.8x-124.3x3.1x
Sat, 22 Nov 2025US$50.0bUS$16.4b-US$502,945,000.0032.5x-99.4x3.1x
Mon, 20 Oct 2025US$54.2bUS$16.3b-US$769,198,000.0041.3x-70.5x3.3x
Wed, 17 Sep 2025US$60.0bUS$16.2b-US$807,521,000.0037.8x-74.3x3.7x
Fri, 15 Aug 2025US$53.8bUS$16.3b-US$809,079,000.0035.4x-66.5x3.3x
Sun, 13 Jul 2025US$51.7bUS$16.3b-US$756,442,000.0050.9x-68.3x3.2x
Tue, 10 Jun 2025US$55.8bUS$16.3b-US$756,442,000.0046.2x-73.7x3.4x
Thu, 08 May 2025US$50.1bUS$16.4b-US$654,980,000.0045.8x-76.4x3.1x
Sat, 05 Apr 2025US$47.2bUS$15.7b-US$740,439,200.0067.5x-63.7x3x
Mon, 03 Mar 2025US$53.8bUS$15.4b-US$749,381,000.0064x-71.8x3.5x
Wed, 29 Jan 2025US$56.2bUS$15.7b-US$663,144,000.0031.9x-84.7x3.6x
Fri, 27 Dec 2024US$56.6bUS$15.7b-US$817,078,000.0029.5x-69.3x3.6x
Sun, 24 Nov 2024US$60.3bUS$15.7b-US$817,078,000.0043.3x-73.8x3.8x
Tue, 22 Oct 2024US$64.4bUS$15.8b-US$1,001,892,000.0078.5x-64.3x4.1x
Thu, 19 Sep 2024US$58.2bUS$15.8b-US$1,012,639,000.0074.8x-57.5x3.7x
Sat, 17 Aug 2024US$52.6bUS$15.8b-US$1,012,639,000.0066x-51.9x3.3x
Mon, 15 Jul 2024US$49.9bUS$15.8b-US$1,919,252,000.0052.8x-26x3.2x
Wed, 12 Jun 2024US$44.5bUS$15.6b-US$1,919,252,000.0046.8x-23.2x2.8x
Fri, 10 May 2024US$66.1bUS$18.6b-US$1,807,895,000.0050.2x-36.6x3.6x
Sun, 07 Apr 2024US$68.2bUS$18.5b-US$1,704,925,000.0050.6x-40x3.7x
Tue, 05 Mar 2024US$69.7bUS$18.5b-US$1,570,896,000.0048.6x-44.4x3.8x
Thu, 01 Feb 2024US$71.0bUS$18.0b-US$1,536,758,000.0038.9x-46.2x4x
Sat, 30 Dec 2023US$74.4bUS$17.8b-US$1,303,625,000.0041.9x-57x4.2x
Mon, 27 Nov 2023US$58.9bUS$17.8b-US$1,303,625,000.0034x-45.2x3.3x
Wed, 25 Oct 2023US$54.7bUS$18.0bUS$23.1m20.1x2367.6x3x
Fri, 22 Sep 2023US$61.4bUS$18.1bUS$40.9m23.6x1503.1x3.4x
Price to Earnings Ratio

1503.1x


Total Market Cap: US$61.4bTotal Earnings: US$40.9mTotal Revenue: US$18.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Office REITs Industry Price to Earnings3Y Average -42.4x202420252026
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 5.0% per year, which is driving profits down.

Industry Trends

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

US Market-0.94%
Real Estate-1.30%
Office REITs-3.47%
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
No data available

Latest News

PDM
US$9.20
Piedmont Realty Trust
7D
-5.0%
1Y
3.7%
Seeking Alpha • Sep 12

Piedmont Realty: The Turnaround Is Accelerating, And The Market Isn't Ready

Summary Piedmont Realty Trust is accelerating its turnaround, with bullish Q2 2026 results and improving office sector dynamics. PDM's economic lease percentage expanded 270 bps YoY, while rental rate roll-ups reached 14.1%, signaling stronger pricing power and reduced tenant incentives. With 90% of the portfolio renovated and rents still 35–40% below new construction, PDM expects $39M in new annualized cash rents to boost FFO. Trading at a forward P/FFO of 5.7x, PDM is positioned for multiple expansion and a likely dividend reinstatement in 2027, supporting a $15 price target. Read the full article on Seeking Alpha
SLG
US$51.98
SL Green Realty
7D
-6.4%
1Y
-20.0%
BXP
US$64.50
BXP
7D
-4.7%
1Y
-17.1%
Narrative Update • Sep 09

BXP: Leasing Momentum And Occupancy Gains Will Drive A Brighter Outlook

Analysts have increased the fair value estimate for BXP to $76.70 from $75.15, reflecting higher price targets that are supported by expectations of stronger funds from operations, improving occupancy and leasing trends, and a slightly lower discount rate in the model. Analyst Commentary Recent research on Boston Properties points to a mixed but generally constructive view on the stock, with most price targets moving higher and clustering in a relatively tight range.
CUZ
US$27.95
Cousins Properties
7D
-4.0%
1Y
-4.2%
Narrative Update • Sep 09

CUZ: Leasing Momentum Will Drive Future Upside As Office Demand Stabilizes

Analysts now see fair value for Cousins Properties at $36, up from $34. This change reflects higher price targets across the Street that are tied to updated models after Q2 results, sector level revisions in office REITs, and continued focus on leasing momentum and office demand trends.
DEI
US$10.57
Douglas Emmett
7D
-7.4%
1Y
-36.2%
VNO
US$35.01
Vornado Realty Trust
7D
-4.3%
1Y
-16.8%
Narrative Update • Sep 08

VNO: Office Leasing Momentum And Park Avenue Projects Will Shape Balanced Outlook

Analysts have raised the fair value estimate for Vornado Realty Trust to approximately $40.46 from $36.08, citing higher Street price targets in the $40 to $50 range that reflect updated views on leasing activity, redevelopment projects, and sector positioning. Analyst Commentary Recent Street research on Vornado Realty Trust shows a wide range of views on valuation, execution risk, and growth potential.
HIW
US$30.66
Highwoods Properties
7D
-1.7%
1Y
-4.8%
Narrative Update • Sep 08

HIW: Firmer Office Fundamentals Will Offset Rate And Capex Headwinds

Analysts now place Highwoods Properties' fair value at about $32.33, up from roughly $29.56. This reflects higher Street price targets in the $30 to $35 range and research that points to steadier office REIT fundamentals, alongside tighter transaction markets and firmer leasing trends.
KRC
US$34.91
Kilroy Realty
7D
-6.0%
1Y
-19.9%
Narrative Update • Aug 19

KRC: West Coast Leasing Momentum And Occupancy Risks Will Shape Recovery Trajectory

Analysts raised the Kilroy Realty fair value estimate from $38.29 to $39.93, citing a series of increased price targets across the Street that reflect updated models following recent leasing trends, Q2 results, and revised guidance for office REIT peers. Analyst Commentary Recent research on Kilroy Realty shows a wide spread of price targets and ratings, which gives you a useful snapshot of how different analysts weigh leasing trends, occupancy, and future execution.