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U.S. Office REITs Industry Analysis

UpdatedMar 30, 2026
DataAggregated Company Financials
Companies22
  • 7D-2.1%
  • 3M-19.9%
  • 1Y-26.0%
  • YTDn/a

In the last week, the Office REITs industry is down 2.1% with BXP down the most at 3.0%. The industry has fallen 26% in the last year. Looking forward, earnings are forecast to decline by 17% per year.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 31 Mar 2026US$38.5bUS$15.4b-US$61,495,000.0026.1x-625.5x2.5x
Thu, 26 Feb 2026US$42.9bUS$15.7bUS$35.6m29.2x1205.6x2.7x
Sat, 24 Jan 2026US$47.4bUS$15.5b-US$259,532,000.0032.7x-182.7x3.1x
Mon, 22 Dec 2025US$48.2bUS$15.7b-US$388,502,000.0032.1x-124x3.1x
Wed, 19 Nov 2025US$50.5bUS$16.4b-US$503,077,000.0033.6x-100.3x3.1x
Fri, 17 Oct 2025US$55.2bUS$16.4b-US$769,198,000.0041.1x-71.7x3.4x
Sun, 14 Sep 2025US$60.2bUS$16.2b-US$807,521,000.0038.5x-74.6x3.7x
Tue, 12 Aug 2025US$52.1bUS$16.3b-US$809,079,000.0035x-64.3x3.2x
Thu, 10 Jul 2025US$54.7bUS$16.3b-US$756,442,000.0049.6x-72.3x3.4x
Sat, 07 Jun 2025US$54.3bUS$16.3b-US$756,442,000.0046.5x-71.7x3.3x
Mon, 05 May 2025US$48.6bUS$16.3b-US$770,835,000.0046.9x-63.1x3x
Wed, 02 Apr 2025US$50.6bUS$15.7b-US$740,439,200.0070.3x-68.3x3.2x
Fri, 28 Feb 2025US$52.8bUS$15.2b-US$1,022,602,000.0064.2x-51.6x3.5x
Sun, 26 Jan 2025US$51.8bUS$15.7b-US$663,144,000.0032x-78.1x3.3x
Tue, 24 Dec 2024US$55.6bUS$15.7b-US$817,078,000.0029.2x-68.1x3.5x
Thu, 21 Nov 2024US$58.6bUS$15.7b-US$817,078,000.0043.1x-71.7x3.7x
Sat, 19 Oct 2024US$63.2bUS$15.8b-US$1,001,892,000.0080.7x-63.1x4x
Mon, 16 Sep 2024US$57.6bUS$15.8b-US$1,012,639,000.0075.5x-56.9x3.6x
Wed, 14 Aug 2024US$50.8bUS$15.8b-US$1,028,078,000.0064.9x-49.4x3.2x
Fri, 12 Jul 2024US$46.5bUS$15.8b-US$1,919,252,000.0051.4x-24.2x3x
Sun, 09 Jun 2024US$44.7bUS$15.6b-US$1,919,252,000.0047.6x-23.3x2.9x
Tue, 07 May 2024US$67.8bUS$18.5b-US$1,765,636,000.0050.3x-38.4x3.7x
Thu, 04 Apr 2024US$68.5bUS$18.5b-US$1,704,925,000.0051.8x-40.2x3.7x
Sat, 02 Mar 2024US$69.1bUS$18.5b-US$1,569,529,000.0048.6x-44x3.7x
Mon, 29 Jan 2024US$71.9bUS$17.9b-US$1,406,818,000.0039.9x-51.1x4x
Wed, 27 Dec 2023US$73.2bUS$17.8b-US$1,303,625,000.0042.1x-56.2x4.1x
Fri, 24 Nov 2023US$58.7bUS$17.8b-US$1,303,625,000.0034.1x-45x3.3x
Sun, 22 Oct 2023US$55.5bUS$18.0bUS$23.1m19.9x2402.6x3.1x
Tue, 19 Sep 2023US$66.0bUS$18.1bUS$40.9m25.2x1615x3.7x
Thu, 17 Aug 2023US$64.4bUS$18.1bUS$40.9m27.7x1576.1x3.6x
Sat, 15 Jul 2023US$65.4bUS$18.0bUS$1.3b22x49.3x3.6x
Mon, 12 Jun 2023US$61.6bUS$18.0bUS$1.3b19.1x46.4x3.4x
Wed, 10 May 2023US$58.9bUS$18.1bUS$1.4b19.5x42.4x3.3x
Fri, 07 Apr 2023US$62.4bUS$18.1bUS$1.7b20.5x36.2x3.5x
Price to Earnings Ratio

36.2x


Total Market Cap: US$62.4bTotal Earnings: US$1.7bTotal Revenue: US$18.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Office REITs Industry Price to Earnings3Y Average 51x202420252026
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 2.5x.
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 5.1% per year, which is driving profits down.

Industry Comparison

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

US Market-1.89%
Real Estate-0.94%
REITS-1.04%
Office REITs-2.15%
Hotel and Resort REITs0.88%
Residential REITs-0.27%
Industrial REITs-0.31%
Healthcare REITs-0.44%
Diversified REITs-1.04%
Retail REITs-1.24%
Specialized REITs-1.77%
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
NLOP Net Lease Office PropertiesUS$14.591.1%
+US$2.4m		-53.5%PB0.7x
PKST Peakstone Realty TrustUS$20.860.05%
+US$371.9k		65.6%PB1x
FSP Franklin Street PropertiesUS$0.650.4%
+US$290.3k		-63.7%PB0.1x

Latest News

HIW
US$20.58
Highwoods Properties
7D
-3.2%
1Y
-30.6%
BXP
US$51.43
BXP
7D
-3.0%
1Y
-23.5%

BXP: Gateway Office Portfolio And Long Leases Will Support Post AI Disruption Recovery

Analyst price targets for BXP have edged lower, with the modeled fair value moving from $73.15 to $72.35 as analysts factor in slightly softer profit margins, modestly higher revenue growth assumptions, and a series of reduced Street targets that reflect concerns about office demand and valuation multiples. Analyst Commentary Recent research on BXP centers on how evolving office demand, AI related job risk, and development returns feed into valuation and execution risk.
BDN
US$2.47
Brandywine Realty Trust
7D
-11.2%
1Y
-44.6%
SLG
US$35.33
SL Green Realty
7D
-8.9%
1Y
-38.8%
KRC
US$27.98
Kilroy Realty
7D
-2.5%
1Y
-14.6%
CDP
US$30.61
COPT Defense Properties
7D
-2.9%
1Y
12.2%

CDP: 2026 Lease Retention And Rising Dividend Are Expected To Drive Upside

Analysts have nudged their price targets for COPT Defense Properties higher, with recent moves to $33 and above grounded in expectations that management can effectively address 2026 lease expirations and maintain occupancy. Analyst Commentary Recent research notes on COPT Defense Properties focus heavily on how 2026 lease expirations and tenant retention could influence valuation over the next couple of years.
CUZ
US$21.34
Cousins Properties
7D
-4.3%
1Y
-27.7%

CUZ: Sunbelt Leasing Strength And Buybacks Will Support Upside Versus AI Fears

Analysts have trimmed the fair value estimate for Cousins Properties by about $0.67 to $29.42 after a series of price target cuts across the Street, citing tempered sector optimism, concerns about AI related office demand pressures on multiples, and updated REIT models following recent results. Analyst Commentary Recent research highlights a mixed but engaged view on Cousins Properties, with several firms revising price targets while keeping ratings generally supportive or neutral.
PKST
US$20.86
Peakstone Realty Trust
7D
0.05%
1Y
65.6%

PKST: Cash Deal At 21 Dollars Will Put Downgrades And Margins To Test

Analysts have adjusted their view on Peakstone Realty Trust, with the consensus price target now set at $21.00, citing recent downgrades and updated expectations for revenue growth, discount rates, margins, and future P/E assumptions. Analyst Commentary Recent Street research has focused on how updated assumptions for revenue growth, discount rates, margins, and future P/E multiples affect the risk and reward profile for Peakstone Realty Trust at the current price target of US$21.00.
NLOP
US$14.59
Net Lease Office Properties
7D
1.1%
1Y
-53.5%
FSP
US$0.65
Franklin Street Properties
7D
0.4%
1Y
-63.7%
VNO
US$24.71
Vornado Realty Trust
7D
-5.0%
1Y
-33.2%

VNO: Leasing Wins And Capital Discipline Will Support Future Upside Potential

Narrative Update The consolidated analyst price target for Vornado Realty Trust has moved lower by a few dollars into the high $20s to low $30s range. Analysts cite sector wide caution on office REITs, ongoing concerns that AI could pressure office demand and valuations, and a focus on more conservative FFO multiples.