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U.S. Office REITs Industry Analysis

UpdatedMay 24, 2026
DataAggregated Company Financials
Companies21
  • 7D2.2%
  • 3M7.3%
  • 1Y-6.9%
  • YTD-3.8%

In the last week, the Office REITs industry is up 2.2%, with BXP leading the way, up 3.1%. In contrast, the industry has lost 6.9% in the last 12 months. As for the next few years, earnings are forecast to decline by 5.9% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 24 May 2026US$45.3bUS$15.3b-US$347,317,000.0028.7x-130.4x3x
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
Price to Earnings Ratio

42.8x


Total Market Cap: US$56.8bTotal 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 31.5x202420252026
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 3.0x.
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 Market1.06%
Real Estate2.81%
Office REITs2.19%
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$60.293.1%
+US$285.5m		-6.7%PB1.9x
VNO Vornado Realty TrustUS$31.984.6%
+US$263.3m		-13.8%PB1.2x
CUZ Cousins PropertiesUS$26.502.7%
+US$113.5m		-1.9%PB1x
SLG SL Green RealtyUS$43.271.9%
+US$58.3m		-22.0%PB0.9x
PDM Piedmont Realty TrustUS$8.205.1%
+US$50.0m		25.8%PB0.7x

Latest News

KRC
US$33.97
Kilroy Realty
7D
-1.1%
1Y
8.6%
Narrative Update • May 22

KRC: West Coast Leasing And Credit Risks Will Shape Balanced Recovery Outlook

Analysts have nudged their blended price targets on Kilroy Realty higher to about $36.21 from $35.86, reflecting updated views on discount rates, revenue growth, profit margins, and future P/E assumptions following recent sector research and Q1 leasing commentary. Analyst Commentary Bullish Takeaways Bullish analysts point to a "robust start" to the year for New York City office leasing and strong tenant demand from alternative asset managers, banks, and tech firms.
BXP
US$60.29
BXP
7D
3.1%
1Y
-6.7%
CDP
US$32.13
COPT Defense Properties
7D
1.3%
1Y
19.2%
ESRT
US$5.58
Empire State Realty Trust
7D
3.7%
1Y
-23.4%
SLG
US$43.27
SL Green Realty
7D
1.9%
1Y
-22.0%
Seeking Alpha • May 19

SL Green: Occupancy Gains, But FFO Continues To Dip

Summary SL Green Realty Corp. saw significant occupancy and leasing gains in the first quarter as FFO declined, and rising U.S. Treasury yields look set to form a headwind for REITs. SLG's Manhattan same-store occupancy rose to 94.4% in the first quarter, with guidance for this to reach 95% by the end of 2026. First quarter FFO fell to $0.84 per share, missing consensus and down from $1.43 in the year-ago comp. Read the full article on Seeking Alpha
HPP
US$11.23
Hudson Pacific Properties
7D
-0.3%
1Y
-14.7%
Narrative Update • May 17

HPP: 2026 FFO Guidance And Studio Wind Down Could Narrow Valuation Discount

Analysts have increased the indicative fair value for Hudson Pacific Properties by about $1.55 per share. Updated targets reflect expectations for stabilizing revenue growth, firmer profit margins and a lower future P/E multiple, even as the discount rate edges higher.
DEI
US$11.46
Douglas Emmett
7D
-1.9%
1Y
-18.1%
VNO
US$31.98
Vornado Realty Trust
7D
4.6%
1Y
-13.8%
PDM
US$8.20
Piedmont Realty Trust
7D
5.1%
1Y
25.8%
Narrative Update • May 08

PDM: Leased Occupancy Conversion And 2028 Debt Profile Will Drive Upside

Analysts have reduced their price target on Piedmont Realty Trust by $1 to $10, citing updated models that incorporate current FFO and cash flow expectations, the gap between leased and rent-paying occupancy, and the absence of debt maturities until 2028. Analyst Commentary Analysts are revisiting their assumptions on Piedmont Realty Trust, updating models to reflect current FFO trends, cash flow expectations, and the timing of lease commencements relative to rent-paying occupancy.
FSP
US$0.50
Franklin Street Properties
7D
-2.6%
1Y
-72.4%
CMCT
US$4.86
Creative Media & Community Trust
7D
-11.5%
1Y
-99.3%
CUZ
US$26.50
Cousins Properties
7D
2.7%
1Y
-1.9%
DEA
US$23.75
Easterly Government Properties
7D
3.2%
1Y
12.0%
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