Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

U.S. Office REITs Industry Analysis

UpdatedAug 13, 2026
DataAggregated Company Financials
Companies21
  • 7D-2.4%
  • 3M13.5%
  • 1Y-0.6%
  • YTDn/a

Over the last 7 days, the Office REITs industry has dropped 2.4%, driven by pullbacks in BXP and Kilroy Realty of 2.9% and 6.2%, respectively. As for the longer term, the industry's performance has been flat for the past year. Looking forward, earnings are forecast to grow by 23% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Sun, 20 Aug 2023US$64.4bUS$18.1bUS$40.9m27.4x1577.5x3.6x
Price to Earnings Ratio

1577.5x


Total Market Cap: US$64.4bTotal 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 8.8x202420252026
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 5.0% per year, which is driving profits down.

Industry Comparison

How does U.S. Office REITs compare with similar industries?

US Market1.02%
Real Estate-1.74%
REITS-1.31%
Office REITs-2.36%
Industrial REITs-0.07%
Diversified REITs-1.31%
Specialized REITs-1.74%
Retail REITs-2.07%
Residential REITs-3.62%
Healthcare REITs-3.76%
Hotel and Resort REITs-6.41%
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
SLG SL Green RealtyUS$56.442.9%
+US$113.9m		1.6%PB1.3x
ONL Orion PropertiesUS$2.836.4%
+US$10.3m		9.3%PB0.3x
CMCT Creative Media & Community TrustUS$4.653.6%
+US$422.3k		-99.4%PB0.07x

Latest News

HIW
US$31.33
Highwoods Properties
7D
-3.4%
1Y
5.5%
Seeking Alpha • 12h

Highwoods Properties: I Am Willing To Go Back In At The Right Price (Rating Downgrade)

Summary Highwoods Properties is now rated HOLD with a $21/share price target, reflecting deteriorated fundamentals and valuation concerns. HIW faces elevated leverage, declining occupancy, and refinancing at higher rates, with dividend coverage now exceeding 100% of AFFO. Despite some improvement in occupancy and leasing, HIW's credit rating is BBB-, one notch above junk, and refinancing risk remains high. I require a substantial discount to re-enter HIW, as the current risk/reward is unattractive and a dividend cut appears likely if trends persist. Read the full article on Seeking Alpha
HPP
US$14.31
Hudson Pacific Properties
7D
-4.4%
1Y
-22.0%
CMCT
US$4.65
Creative Media & Community Trust
7D
3.6%
1Y
-99.4%
KRC
US$36.24
Kilroy Realty
7D
-6.2%
1Y
-6.4%
CUZ
US$29.49
Cousins Properties
7D
-4.1%
1Y
4.5%
Narrative Update • Aug 12

CUZ: Leasing Strength And Earnings Progress Will Test Ongoing Office Volatility

Analysts have raised the consolidated price target for Cousins Properties to $30, up from $27.84, citing sector-level target increases, healthier leasing commentary, and updated assumptions on discount rates, margins, and future P/E multiples. Analyst Commentary Recent Street research on Cousins Properties shows a cluster of higher price targets within the office real estate investment trust group.
BXP
US$67.95
BXP
7D
-2.9%
1Y
3.7%
Seeking Alpha • Aug 12

BXP, Inc.: Fundamentals Moving In The Right Direction

Summary BXP, Inc. remains a Buy as premier assets drive occupancy gains and FFO growth, with FY2026 FFO guidance raised to $6.99-$7.05 per share. Q2 2026 saw occupancy rise to 88.4%, leasing activity at 1.8 million square feet, and FFO beat guidance, though not yet establishing a new run rate. BXP’s development pipeline—highlighted by 290 Binney, Reservoir Place, and 343 Madison—supports future NOI growth, funded by strategic asset sales reducing leverage. Valuation upside remains with a plausible path to 20% total return, though risks include occupancy conversion, lease retention, and execution on development and asset sales. Read the full article on Seeking Alpha
VNO
US$39.23
Vornado Realty Trust
7D
-1.7%
1Y
3.8%
Narrative Update • Aug 11

VNO: Trophy Park Avenue Projects And AI Leasing Shift Will Support Upside

Analysts recently raised their fair value estimate for Vornado Realty Trust to $50 from $45, reflecting updated assumptions for revenue growth and profit margins, as well as a more moderate future P/E multiple that aligns with the higher Street price targets seen in recent months. Analyst Commentary Street research on Vornado Realty Trust over the past several months shows a wide range of views, but with a clear cluster of higher price targets.
ONL
US$2.83
Orion Properties
7D
6.4%
1Y
9.3%
ESRT
US$4.72
Empire State Realty Trust
7D
-3.5%
1Y
-37.3%
SLG
US$56.44
SL Green Realty
7D
2.9%
1Y
1.6%
Narrative Update • Aug 05

SLG: Manhattan Leasing Momentum Is Expected To Drive Future Cash Flows

Analysts have raised the implied fair value estimate for SL Green Realty to about $73.69 from roughly $64.25, citing stronger projected profit margins, updated P/E assumptions, and recent price target increases across several research firms following Q2 results and leasing updates in the Manhattan office market. Analyst Commentary Recent research commentary around SL Green Realty points to a clear shift toward more constructive views on the stock, with several bullish analysts lifting price targets following Q1 and Q2 updates, leasing data from Manhattan, and sector level reviews of office REITs. While the tone is not uniformly positive, the cluster of target changes gives you a clearer sense of how expectations around valuation, execution, and growth are evolving in mid 2026.
CDP
US$36.98
COPT Defense Properties
7D
-1.1%
1Y
31.9%
Narrative Update • Jul 30

CDP: 2026 Guidance And Sector Rebound Support Fairly Valued Shares

The analyst price target for COPT Defense Properties has been raised by $2.88 to $38.88, with analysts attributing the change to updated fair value estimates and sector research that highlights recent price target increases across the office REIT peer group. Analyst Commentary Recent research on COPT Defense Properties points to a series of price target adjustments that cluster in the low to mid US$30s and low US$40s.