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U.S. Office REITs Industry Analysis

UpdatedMay 15, 2026
DataAggregated Company Financials
Companies21
  • 7D-1.3%
  • 3M3.6%
  • 1Y-11.8%
  • YTDn/a

Over the last 7 days, the Office REITs industry has dropped 1.3%, driven by Vornado Realty Trust declining 3.0%. However, the industry is down 12% over the past year. As for the next few years, earnings are forecast to decline by 2.3% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 15 May 2026US$44.6bUS$15.4b-US$321,386,000.0028.1x-138.8x2.9x
Sun, 12 Apr 2026US$40.6bUS$15.4b-US$61,495,000.0027.2x-659.6x2.6x
Tue, 10 Mar 2026US$41.3bUS$15.5b-US$45,326,000.0027.1x-910.4x2.7x
Thu, 05 Feb 2026US$45.8bUS$15.8bUS$113.8m34.3x402x2.9x
Sat, 03 Jan 2026US$47.9bUS$15.7b-US$388,502,000.0031.6x-123.3x3.1x
Mon, 01 Dec 2025US$53.2bUS$16.4b-US$485,906,000.0034.3x-109.5x3.3x
Wed, 29 Oct 2025US$55.2bUS$16.4b-US$532,800,000.0041.6x-103.6x3.4x
Fri, 26 Sep 2025US$58.2bUS$16.2b-US$807,521,000.0037.7x-72.1x3.6x
Sun, 24 Aug 2025US$55.2bUS$16.2b-US$807,521,000.0037.3x-68.3x3.4x
Tue, 22 Jul 2025US$54.6bUS$16.3b-US$765,446,000.0049x-71.3x3.3x
Thu, 19 Jun 2025US$56.5bUS$16.3b-US$756,442,000.0046.8x-74.6x3.5x
Sat, 17 May 2025US$52.4bUS$16.3b-US$756,442,000.0047.2x-69.2x3.2x
Mon, 14 Apr 2025US$45.0bUS$15.7b-US$740,439,200.0062.8x-60.7x2.9x
Wed, 12 Mar 2025US$50.9bUS$15.7b-US$783,117,200.0069.5x-65x3.2x
Fri, 07 Feb 2025US$54.7bUS$15.2b-US$856,873,000.0082.4x-63.9x3.6x
Sun, 05 Jan 2025US$56.4bUS$15.7b-US$817,078,000.0029x-69x3.6x
Tue, 03 Dec 2024US$61.9bUS$15.7b-US$817,078,000.0043.4x-75.7x3.9x
Thu, 31 Oct 2024US$61.9bUS$15.7b-US$698,501,000.0043.5x-88.7x3.9x
Sat, 28 Sep 2024US$58.4bUS$15.8b-US$1,012,639,000.0075x-57.7x3.7x
Mon, 26 Aug 2024US$52.3bUS$15.8b-US$1,012,639,000.0068.9x-51.6x3.3x
Wed, 24 Jul 2024US$50.4bUS$15.8b-US$1,561,190,000.0053.7x-32.3x3.2x
Fri, 21 Jun 2024US$46.3bUS$15.8b-US$1,919,252,000.0048.9x-24.1x2.9x
Sun, 19 May 2024US$68.5bUS$18.6b-US$1,732,377,000.0051.6x-39.6x3.7x
Tue, 16 Apr 2024US$67.2bUS$18.5b-US$1,704,925,000.0048.4x-39.4x3.6x
Thu, 14 Mar 2024US$69.2bUS$18.5b-US$1,715,022,000.0053x-40.4x3.7x
Sat, 10 Feb 2024US$67.1bUS$17.9b-US$1,803,943,000.0033.4x-37.2x3.8x
Mon, 08 Jan 2024US$72.5bUS$17.8b-US$1,303,625,000.0041.9x-55.6x4.1x
Wed, 06 Dec 2023US$68.2bUS$17.8b-US$1,303,625,000.0037.2x-52.3x3.8x
Fri, 03 Nov 2023US$54.4bUS$18.1b-US$1,213,950,000.0032.8x-44.8x3x
Sun, 01 Oct 2023US$60.2bUS$18.1bUS$40.9m21.8x1472.5x3.3x
Tue, 29 Aug 2023US$65.3bUS$18.1bUS$40.9m28x1599.2x3.6x
Thu, 27 Jul 2023US$69.0bUS$18.1bUS$792.5m22.8x87.1x3.8x
Sat, 24 Jun 2023US$57.3bUS$18.0bUS$1.3b18.2x43.2x3.2x
Mon, 22 May 2023US$57.2bUS$18.0bUS$1.3b18.8x43.1x3.2x
Price to Earnings Ratio

43.1x


Total Market Cap: US$57.2bTotal 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 33.1x202420252026
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 2.9x.
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 Comparison

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

US Market1.15%
Real Estate-0.99%
REITS-0.97%
Office REITs-1.34%
Healthcare REITs2.41%
Retail REITs-0.18%
Industrial REITs-0.32%
Residential REITs-0.74%
Diversified REITs-0.97%
Hotel and Resort REITs-1.28%
Specialized REITs-2.26%
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
HIW Highwoods PropertiesUS$26.212.5%
+US$70.6m		-14.0%PB1.2x
KRC Kilroy RealtyUS$34.770.6%
+US$23.3m		7.0%PB0.8x
CUZ Cousins PropertiesUS$26.360.4%
+US$18.1m		-7.5%PB1x
ONL Orion PropertiesUS$2.984.9%
+US$8.0m		50.5%PB0.3x
PSTL Postal Realty TrustUS$23.000.7%
+US$4.4m		71.5%PB2.2x

Latest News

DEI
US$11.60
Douglas Emmett
7D
-3.6%
1Y
-22.5%
HIW
US$26.21
Highwoods Properties
7D
2.5%
1Y
-14.0%
VNO
US$31.07
Vornado Realty Trust
7D
-3.0%
1Y
-21.3%
PSTL
US$23.00
Postal Realty Trust
7D
0.7%
1Y
71.5%
SLG
US$43.46
SL Green Realty
7D
-4.0%
1Y
-25.1%
Narrative Update • May 11

SLG: Leasing And Capital Recycling Progress Are Expected To Support Future Cash Flows

Analysts have nudged their blended fair value estimate for SL Green Realty higher to about $63.56, citing recent price target increases, more optimistic profit margin assumptions, and a lower implied future P/E multiple, even as they factor in a slightly higher discount rate and softer revenue growth expectations. Analyst Commentary Recent Street research on SL Green Realty shows a mix of higher and lower price targets, but with a clear cluster of constructive calls that anchor the blended fair value estimate around the low to mid US$60s.
ONL
US$2.98
Orion Properties
7D
4.9%
1Y
50.5%
NLOP
US$11.53
Net Lease Office Properties
7D
-12.1%
1Y
-62.1%
PDM
US$8.04
Piedmont Realty Trust
7D
-5.3%
1Y
16.5%
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.
JBGS
US$14.69
JBG SMITH Properties
7D
-4.7%
1Y
-11.0%
ESRT
US$5.45
Empire State Realty Trust
7D
-2.9%
1Y
-31.6%
Narrative Update • May 06

ESRT: NYC Leasing And Capital Recycling Will Support Forward Repricing Potential

Analysts have trimmed their price targets on Empire State Realty Trust to $7.00 from $8.25, citing updated views on revenue growth, profit margins, discount rates, and future P/E assumptions. Analyst Commentary Recent research updates on Empire State Realty Trust have focused on recalibrating price targets to US$7.00, with analysts aligning their views around current assumptions for revenue, margins, discount rates, and P/E multiples.
BXP
US$58.96
BXP
7D
-0.8%
1Y
-12.0%
KRC
US$34.77
Kilroy Realty
7D
0.6%
1Y
7.0%
Narrative Update • May 04

KRC: 2026 Capitalized Interest Roll Off Will Offset Office Headwinds

Analyst targets on Kilroy Realty have recently reset, with the fair value estimate moving from $52.64 to $47.64 as analysts update their models following several price target revisions across the Street. Analyst Commentary Recent research updates on Kilroy Realty reflect a mix of caution and selective optimism as analysts reset models after Q4 results and sector wide revisions in office REITs. While several firms have trimmed price targets and, in one case, downgraded the stock, there are also pockets of more constructive commentary that point to potential upside drivers if execution lines up with expectations.
CUZ
US$26.36
Cousins Properties
7D
0.4%
1Y
-7.5%