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U.S. Office REITs Industry Analysis

UpdatedDec 29, 2025
DataAggregated Company Financials
Companies23
  • 7D0.3%
  • 3M-13.9%
  • 1Y-16.6%
  • YTDn/a

Over the last 7 days, the Office REITs industry has remained flat, although notably Brandywine Realty Trust declined by 4.0%. Unfortunately though, the industry is down 17% over the past 12 months. In the next few years, earnings are forecast to decline by 11% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 29 Dec 2025US$48.4bUS$15.7b-US$388,502,000.0031.5x-124.6x3.1x
Wed, 26 Nov 2025US$52.3bUS$16.4b-US$485,906,000.0033.8x-107.5x3.2x
Fri, 24 Oct 2025US$55.0bUS$16.2b-US$629,934,000.0041.9x-87.4x3.4x
Sun, 21 Sep 2025US$59.0bUS$16.2b-US$807,521,000.0037.9x-73x3.6x
Tue, 19 Aug 2025US$53.2bUS$16.2b-US$807,521,000.0035.5x-65.9x3.3x
Thu, 17 Jul 2025US$55.7bUS$16.3b-US$756,442,000.0050.4x-73.6x3.4x
Sat, 14 Jun 2025US$56.8bUS$16.3b-US$756,442,000.0047.2x-75.1x3.5x
Mon, 12 May 2025US$50.9bUS$16.3b-US$685,513,000.0045.8x-74.2x3.1x
Wed, 09 Apr 2025US$44.7bUS$15.7b-US$740,439,200.0062.8x-60.3x2.8x
Fri, 07 Mar 2025US$52.1bUS$15.7b-US$782,774,200.0067.3x-66.6x3.3x
Sun, 02 Feb 2025US$55.8bUS$15.4b-US$1,011,923,000.0066.8x-55.1x3.6x
Tue, 31 Dec 2024US$55.8bUS$15.7b-US$817,078,000.0028.8x-68.3x3.6x
Thu, 28 Nov 2024US$62.3bUS$15.7b-US$817,078,000.0044x-76.3x4x
Sat, 26 Oct 2024US$63.0bUS$15.7b-US$1,208,233,000.0076.3x-52.1x4x
Mon, 23 Sep 2024US$58.9bUS$15.8b-US$1,012,639,000.0075.3x-58.2x3.7x
Wed, 21 Aug 2024US$53.4bUS$15.8b-US$1,012,639,000.0066.2x-52.7x3.4x
Fri, 19 Jul 2024US$50.9bUS$15.6b-US$1,561,190,000.0052.5x-32.6x3.3x
Sun, 16 Jun 2024US$45.8bUS$15.8b-US$1,919,252,000.0048.9x-23.9x2.9x
Tue, 14 May 2024US$67.9bUS$18.6b-US$1,839,591,000.0051.3x-36.9x3.6x
Thu, 11 Apr 2024US$71.7bUS$18.5b-US$1,704,925,000.0050.6x-42x3.9x
Sat, 09 Mar 2024US$70.0bUS$18.5b-US$1,715,022,000.0052.8x-40.8x3.8x
Mon, 05 Feb 2024US$67.6bUS$17.9b-US$1,725,709,000.0038.3x-39.2x3.8x
Wed, 03 Jan 2024US$74.0bUS$17.8b-US$1,303,625,000.0042.5x-56.8x4.2x
Fri, 01 Dec 2023US$61.8bUS$17.8b-US$1,303,625,000.0035.3x-47.4x3.5x
Sun, 29 Oct 2023US$53.7bUS$18.1b-US$684,373,000.0025.7x-78.5x3x
Tue, 26 Sep 2023US$60.3bUS$18.1bUS$40.9m22.5x1477x3.3x
Thu, 24 Aug 2023US$66.1bUS$18.1bUS$40.9m28.1x1617.1x3.7x
Sat, 22 Jul 2023US$67.0bUS$18.0bUS$1.0b21x66.9x3.7x
Mon, 19 Jun 2023US$61.7bUS$18.0bUS$1.3b19.1x46.5x3.4x
Wed, 17 May 2023US$56.0bUS$18.0bUS$1.3b18.1x42.2x3.1x
Fri, 14 Apr 2023US$60.1bUS$18.1bUS$1.7b19.4x34.9x3.3x
Sun, 12 Mar 2023US$65.9bUS$18.1bUS$1.7b21.1x38x3.6x
Tue, 07 Feb 2023US$84.7bUS$18.0bUS$2.8b32.2x30.6x4.7x
Thu, 05 Jan 2023US$75.8bUS$17.8bUS$2.8b33.8x26.8x4.3x
Price to Earnings Ratio

26.8x


Total Market Cap: US$75.8bTotal Earnings: US$2.8bTotal Revenue: US$17.8bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Office REITs Industry Price to Earnings3Y Average 79.7x20242025
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 3.5x is higher than the industry's current PS ratio of 3.1x.
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 4.2% per year, which is driving profits down.

Industry Comparison

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

US Market0.61%
Real Estate0.52%
REITS0.25%
Office REITs0.31%
Healthcare REITs0.89%
Residential REITs0.89%
Industrial REITs0.56%
Retail REITs0.46%
Specialized REITs0.35%
Diversified REITs0.25%
Hotel and Resort REITs-0.78%
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$45.992.0%
+US$65.3m		-30.6%PB0.9x
CUZ Cousins PropertiesUS$25.731.3%
+US$55.4m		-14.5%PB0.9x
VNO Vornado Realty TrustUS$33.650.7%
+US$48.0m		-18.7%PB1.3x
DEI Douglas EmmettUS$11.201.2%
+US$21.8m		-39.5%PB1x
PKST Peakstone Realty TrustUS$14.461.5%
+US$7.7m		31.5%PB0.7x

Latest News

DEI
US$11.20
Douglas Emmett
7D
1.2%
1Y
-39.5%

DEI: Resilient REIT Fundamentals Will Drive Future Upside Despite Higher Discount Rates

Analysts have trimmed their average price target for Douglas Emmett by approximately $0.27 as they factor in slightly higher discount rates, while still emphasizing resilient REIT operating conditions and the stock's continued appeal as a value opportunity. Analyst Commentary Recent Street commentary highlights a nuanced view of Douglas Emmett, with price targets edging lower but ratings and qualitative assessments remaining constructive on the company s long term prospects.
CDP
US$28.18
COPT Defense Properties
7D
-0.2%
1Y
-8.6%

CDP: AI Gateway Office Demand Will Support Premium Multiple At 33

Analysts have modestly lifted their price target on COPT Defense Properties to $33.00, citing resilient REIT sector fundamentals, slightly faster projected revenue growth, marginally better profit margins, and supportive demand trends tied to artificial intelligence driven office markets. Analyst Commentary Recent research updates reflect a broadly constructive stance on COPT Defense Properties, with price targets nudged higher alongside reaffirmed positive ratings.
CUZ
US$25.73
Cousins Properties
7D
1.3%
1Y
-14.5%

CUZ: Shares Will Benefit From Stronger Earnings Outlook And Raised JPMorgan Price Objective

Analysts have modestly raised their price target on Cousins Properties from $35 to $37 per share, citing updated models that reflect slightly stronger revenue growth, improved profit margins, and a marginally lower discount rate. Together, these factors support a higher fair value multiple.
SLG
US$45.99
SL Green Realty
7D
2.0%
1Y
-30.6%
PKST
US$14.46
Peakstone Realty Trust
7D
1.5%
1Y
31.5%
HPP
US$10.39
Hudson Pacific Properties
7D
1.3%
1Y
-48.6%
BXP
US$69.34
BXP
7D
-0.2%
1Y
-6.5%

BXP: AI Gateway Office Demand Will Drive Future Leasing Upside

Analysts have modestly trimmed their blended price target on BXP, reflecting a slightly lower fundamental fair value, a marginally higher discount rate, and mixed target revisions that range from Wells Fargo's reduction to $74 to Jefferies' and Scotiabank's recent increases toward the low to mid $80s. Analyst Commentary Recent Street research on BXP presents a balanced mix of optimism around long term demand drivers and caution around the current valuation and macro backdrop.
JBGS
US$17.02
JBG SMITH Properties
7D
-1.6%
1Y
12.3%
PDM
US$8.32
Piedmont Realty Trust
7D
-0.5%
1Y
-5.7%

PDM: Slightly Lower Discount Rate Will Support Future Upside Potential

Narrative Update on Piedmont Realty Trust Analysts have modestly raised their price target on Piedmont Realty Trust by approximately $0.10 per share, reflecting slightly improved profit margin expectations and a marginally lower discount rate, while keeping overall growth assumptions largely unchanged. Valuation Changes Fair Value Estimate: Unchanged at $9.67 per share, indicating no revision to the intrinsic value assessment.
BDN
US$2.88
Brandywine Realty Trust
7D
-3.7%
1Y
-47.5%

BDN: Future Margins Will Improve Despite Lower Earnings Outlook And Dividend Cut

Analysts modestly raised their price target on Brandywine Realty Trust to approximately $4.30 per share, highlighting slightly stronger projected profit margins despite a marginally higher assumed discount rate. What's in the News Lowered 2025 earnings outlook; Brandywine Realty Trust now expects a loss per share of $1.05 to $1.03, compared with its prior guidance of $0.96 to $0.90 per share (company guidance filing) The board approved a reduced quarterly dividend of $0.08 per common share and OP Unit, implying an annualized $0.32 per share versus the prior annual rate of $0.60 (company dividend announcement) Valuation Changes Fair Value: Unchanged at approximately $4.28 per share, indicating no revision to the intrinsic value estimate.
VNO
US$33.65
Vornado Realty Trust
7D
0.7%
1Y
-18.7%

VNO: New York City Leasing Strength Will Support Gradual Office Recovery

Analysts have nudged their fair value estimate for Vornado Realty Trust higher, lifting the target from $46.00 to $48.00 as they factor in resilient New York City leasing performance and updated longer term cash flow models, despite more conservative growth and margin assumptions. Analyst Commentary Bullish analysts point to a constructive shift in sentiment around Vornado Realty Trust, highlighting recent upgrades and target increases as evidence that execution is tracking ahead of prior expectations.
ESRT
US$6.46
Empire State Realty Trust
7D
-1.4%
1Y
-36.0%

ESRT: Share Repurchases And Leasing Strength Will Support Future Upside Potential

Analysts have lowered their price target on Empire State Realty Trust to $6.80 from $8.30, citing a more cautious view on valuation despite generally healthy operating conditions across most REITs. Analyst Commentary Analysts remain divided on Empire State Realty Trust, with the latest price target cut to $6.80 reflecting a more conservative stance on valuation, even as fundamentals appear broadly stable across the REIT sector. Bullish Takeaways Bullish analysts point to generally healthy Q3 2025 operating conditions across the REIT universe, suggesting that Empire State Realty Trust should continue to benefit from a supportive demand backdrop.
HIW
US$25.59
Highwoods Properties
7D
0.2%
1Y
-15.0%
FSP
US$0.94
Franklin Street Properties
7D
5.5%
1Y
-48.6%