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U.S. Office REITs Industry Analysis

UpdatedMay 19, 2026
DataAggregated Company Financials
Companies21
  • 7D0.1%
  • 3M4.6%
  • 1Y-11.7%
  • YTDn/a

The Office REITs industry has stayed flat over the last week. As for the longer term, the industry has declined 12% in the last year. Looking forward, earnings are forecast to decline by 5.9% per year.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 19 May 2026US$44.2bUS$15.3b-US$300,163,000.0028.5x-147.4x2.9x
Thu, 16 Apr 2026US$41.6bUS$15.4b-US$61,495,000.0028.1x-677.1x2.7x
Sat, 14 Mar 2026US$40.4bUS$15.5b-US$45,252,000.0026.7x-893.7x2.6x
Mon, 09 Feb 2026US$47.0bUS$15.8bUS$99.7m35x471.3x3x
Wed, 07 Jan 2026US$47.9bUS$15.7b-US$388,502,000.0032x-123.3x3.1x
Fri, 05 Dec 2025US$52.2bUS$16.4b-US$485,906,000.0033.5x-107.5x3.2x
Sun, 02 Nov 2025US$53.5bUS$16.2b-US$755,009,000.0038.3x-70.9x3.3x
Tue, 30 Sep 2025US$57.4bUS$16.2b-US$807,521,000.0037.5x-71.1x3.5x
Thu, 28 Aug 2025US$55.1bUS$16.2b-US$807,521,000.0037.3x-68.2x3.4x
Sat, 26 Jul 2025US$55.2bUS$16.3b-US$894,885,000.0049.2x-61.7x3.4x
Mon, 23 Jun 2025US$56.4bUS$16.3b-US$756,442,000.0047.1x-74.6x3.5x
Wed, 21 May 2025US$52.6bUS$16.3b-US$756,442,000.0046.6x-69.5x3.2x
Fri, 18 Apr 2025US$46.5bUS$15.6b-US$774,655,200.0056.1x-60x3x
Sun, 16 Mar 2025US$49.6bUS$15.7b-US$783,117,200.0069.8x-63.3x3.2x
Tue, 11 Feb 2025US$55.0bUS$15.2b-US$860,062,000.0087.3x-64x3.6x
Thu, 09 Jan 2025US$53.6bUS$15.7b-US$817,078,000.0027.4x-65.6x3.4x
Sat, 07 Dec 2024US$60.3bUS$15.7b-US$817,078,000.0043.6x-73.8x3.8x
Mon, 04 Nov 2024US$58.7bUS$16.0b-US$638,731,000.0050.8x-92x3.7x
Wed, 02 Oct 2024US$58.6bUS$15.8b-US$1,012,639,000.0074.9x-57.9x3.7x
Fri, 30 Aug 2024US$55.1bUS$15.8b-US$1,012,639,000.0070.2x-54.4x3.5x
Sun, 28 Jul 2024US$52.6bUS$15.8b-US$1,512,603,000.0063.8x-34.8x3.3x
Tue, 25 Jun 2024US$45.7bUS$15.8b-US$1,919,252,000.0049.3x-23.8x2.9x
Thu, 23 May 2024US$68.2bUS$18.6b-US$1,732,377,000.0050.4x-39.3x3.7x
Sat, 20 Apr 2024US$64.7bUS$18.4b-US$1,663,428,000.0048.5x-38.9x3.5x
Mon, 18 Mar 2024US$68.2bUS$18.5b-US$1,715,022,000.0051.7x-39.7x3.7x
Wed, 14 Feb 2024US$65.1bUS$18.4b-US$1,556,839,000.0038.7x-41.8x3.5x
Fri, 12 Jan 2024US$73.7bUS$17.8b-US$1,303,625,000.0041.2x-56.6x4.1x
Sun, 10 Dec 2023US$65.8bUS$17.8b-US$1,303,625,000.0038.6x-50.5x3.7x
Tue, 07 Nov 2023US$60.5bUS$18.2b-US$1,204,193,000.0030x-50.2x3.3x
Thu, 05 Oct 2023US$59.7bUS$18.1bUS$40.9m20.8x1461.7x3.3x
Sat, 02 Sep 2023US$68.3bUS$18.1bUS$40.9m28.5x1670.9x3.8x
Mon, 31 Jul 2023US$69.2bUS$18.1bUS$795.8m24.8x86.9x3.8x
Wed, 28 Jun 2023US$62.4bUS$18.0bUS$1.3b19.1x47x3.5x
Fri, 26 May 2023US$56.9bUS$18.0bUS$1.3b19.1x42.8x3.2x
Price to Earnings Ratio

42.8x


Total Market Cap: US$56.9bTotal 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 32.4x202420252026
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 Market-0.67%
Real Estate-1.65%
REITS-0.63%
Office REITs0.14%
Hotel and Resort REITs0.55%
Healthcare REITs-0.19%
Residential REITs-0.44%
Retail REITs-0.47%
Diversified REITs-0.63%
Industrial REITs-1.12%
Specialized REITs-1.15%
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
DEA Easterly Government PropertiesUS$23.592.7%
+US$28.3m		8.3%PB0.8x
CDP COPT Defense PropertiesUS$31.900.7%
+US$23.7m		16.1%PB2.4x
FSP Franklin Street PropertiesUS$0.531.7%
+US$933.2k		-69.8%PB0.09x

Latest News

SLG
US$40.57
SL Green Realty
7D
-7.1%
1Y
-30.4%
Seeking Alpha • 7h

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
KRC
US$33.42
Kilroy Realty
7D
-3.8%
1Y
2.0%
Seeking Alpha • May 18

Kilroy Realty: AI Tailwinds And High Yield Create An Attractive Setup

Summary Kilroy Realty remains a compelling Buy, offering a 6.3% yield and trading at 10x forward P/FFO, well below its historical average. KRC’s leasing momentum is accelerating, fueled by robust AI-driven demand and a strong pipeline of signed but not yet commenced leases. Occupancy recovery is visible, with management raising full-year guidance and KOP 2’s life science space outperforming the broader market. KRC’s well-laddered debt maturities, BBB- balance sheet, and ongoing share repurchases further reinforce the attractive risk-reward setup. Read the full article on Seeking Alpha
CDP
US$31.90
COPT Defense Properties
7D
0.7%
1Y
16.1%
HPP
US$10.68
Hudson Pacific Properties
7D
-10.6%
1Y
-23.3%
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.
HIW
US$25.18
Highwoods Properties
7D
-1.5%
1Y
-16.0%
DEI
US$11.37
Douglas Emmett
7D
-4.9%
1Y
-22.9%
VNO
US$30.32
Vornado Realty Trust
7D
-2.9%
1Y
-21.9%
FSP
US$0.53
Franklin Street Properties
7D
1.7%
1Y
-69.8%
BXP
US$58.67
BXP
7D
-0.6%
1Y
-13.2%
CUZ
US$25.95
Cousins Properties
7D
-1.8%
1Y
-6.0%
DEA
US$23.59
Easterly Government Properties
7D
2.7%
1Y
8.3%
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