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U.S. Office REITs Industry Analysis

UpdatedFeb 12, 2026
DataAggregated Company Financials
Companies22
  • 7D-3.7%
  • 3M-11.7%
  • 1Y-19.3%
  • YTDn/a

Over the last 7 days, the Office REITs industry has dropped 3.7%, driven by a pullback from Cousins Properties of 11%. The industry has fallen 19% in the last year. In the next few years, earnings are forecast to decline by 25% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 13 Feb 2026US$46.8bUS$15.8bUS$81.0m33.3x578.3x3x
Sun, 11 Jan 2026US$48.9bUS$15.5b-US$259,532,000.0031.2x-188.4x3.2x
Tue, 09 Dec 2025US$50.4bUS$16.4b-US$485,906,000.0033.4x-103.8x3.1x
Thu, 06 Nov 2025US$52.6bUS$16.2b-US$724,518,000.0035.4x-72.6x3.2x
Sat, 04 Oct 2025US$57.9bUS$16.2b-US$807,521,000.0037.4x-71.7x3.6x
Mon, 01 Sep 2025US$56.6bUS$16.2b-US$807,521,000.0037.8x-70.1x3.5x
Wed, 30 Jul 2025US$54.5bUS$16.3b-US$879,983,000.0049.6x-61.9x3.3x
Fri, 27 Jun 2025US$53.1bUS$16.3b-US$756,442,000.0047.7x-70.3x3.3x
Sun, 25 May 2025US$50.3bUS$16.3b-US$756,442,000.0044.2x-66.6x3.1x
Tue, 22 Apr 2025US$46.9bUS$15.6b-US$774,655,200.0055.4x-60.6x3x
Thu, 20 Mar 2025US$51.1bUS$15.7b-US$740,439,200.0070.1x-69x3.3x
Sat, 15 Feb 2025US$53.7bUS$15.3b-US$950,761,000.00109.3x-56.5x3.5x
Mon, 13 Jan 2025US$51.4bUS$15.7b-US$817,078,000.0026.8x-62.9x3.3x
Wed, 11 Dec 2024US$60.2bUS$15.7b-US$817,078,000.0031x-73.7x3.8x
Fri, 08 Nov 2024US$61.4bUS$16.0b-US$735,596,000.0043.7x-83.4x3.8x
Sun, 06 Oct 2024US$58.4bUS$15.8b-US$1,012,639,000.0074.1x-57.6x3.7x
Tue, 03 Sep 2024US$55.5bUS$15.8b-US$1,012,639,000.0070.9x-54.8x3.5x
Thu, 01 Aug 2024US$53.3bUS$15.8b-US$1,551,075,000.0068.7x-34.4x3.4x
Sat, 29 Jun 2024US$45.4bUS$15.8b-US$1,919,252,000.0048.9x-23.7x2.9x
Mon, 27 May 2024US$65.2bUS$18.6b-US$1,732,377,000.0048.5x-37.7x3.5x
Wed, 24 Apr 2024US$67.5bUS$18.5b-US$1,571,798,000.0052x-42.9x3.6x
Fri, 22 Mar 2024US$70.2bUS$18.5b-US$1,697,603,000.0054.6x-41.3x3.8x
Sun, 18 Feb 2024US$68.7bUS$18.2b-US$1,769,178,000.0040.1x-38.9x3.8x
Tue, 16 Jan 2024US$72.2bUS$17.8b-US$1,303,625,000.0041.3x-55.4x4.1x
Thu, 14 Dec 2023US$67.3bUS$17.8b-US$1,303,625,000.0040.7x-51.7x3.8x
Sat, 11 Nov 2023US$55.3bUS$17.8b-US$1,286,439,000.0031.9x-43x3.1x
Mon, 09 Oct 2023US$56.6bUS$18.1bUS$40.9m20.4x1386.3x3.1x
Wed, 06 Sep 2023US$67.7bUS$18.1bUS$40.9m27.2x1658.1x3.7x
Fri, 04 Aug 2023US$68.2bUS$18.1bUS$571.0m23.8x119.4x3.8x
Sun, 02 Jul 2023US$61.8bUS$18.0bUS$1.3b19.5x46.6x3.4x
Tue, 30 May 2023US$55.9bUS$18.0bUS$1.3b18.7x42.1x3.1x
Thu, 27 Apr 2023US$58.5bUS$14.2bUS$1.9b19x31.1x4.1x
Sat, 25 Mar 2023US$43.4bUS$11.3bUS$1.8b18.8x24.2x3.8x
Mon, 20 Feb 2023US$81.3bUS$18.0bUS$2.0b23.6x39.8x4.5x
Price to Earnings Ratio

39.8x


Total Market Cap: US$81.3bTotal Earnings: US$2.0bTotal Revenue: US$18.0bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Office REITs Industry Price to Earnings3Y Average 77.2x202420252026
Current Industry PE
  • Investors are optimistic on the American Office REITs industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 578x which is higher than its 3-year average PE of 76.7x.
  • The 3-year average PS ratio of 3.5x is higher than the industry's current PS ratio of 3.0x.
Past Earnings Growth
  • The earnings for companies in the Office REITs industry have declined 66% per year over the last three years,
  • Revenues have also declined 4.3% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Comparison

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

US Market1.43%
Real Estate2.65%
REITS19.06%
Office REITs-3.70%
Diversified REITs19.06%
Healthcare REITs9.47%
Hotel and Resort REITs4.92%
Industrial REITs2.50%
Residential REITs2.39%
Specialized REITs1.94%
Retail REITs1.31%
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
ONL Orion PropertiesUS$2.532.0%
+US$2.8m		-38.3%PB0.2x
PKST Peakstone Realty TrustUS$20.810.3%
+US$2.2m		91.4%PB1x
NLOP Net Lease Office PropertiesUS$19.450.8%
+US$2.2m		-39.1%PB0.7x
FSP Franklin Street PropertiesUS$0.770.3%
+US$207.4k		-62.2%PB0.1x

Latest News

HIW
US$22.03
Highwoods Properties
7D
-15.2%
1Y
-24.7%
DEI
US$9.88
Douglas Emmett
7D
-5.5%
1Y
-42.3%
NLOP
US$19.45
Net Lease Office Properties
7D
0.8%
1Y
-39.1%
VNO
US$29.35
Vornado Realty Trust
7D
-3.6%
1Y
-29.9%
KRC
US$30.31
Kilroy Realty
7D
-11.7%
1Y
-14.4%
BXP
US$59.07
BXP
7D
-6.5%
1Y
-17.1%
CUZ
US$21.75
Cousins Properties
7D
-16.2%
1Y
-28.8%

CUZ: Improving Occupancy And Charlotte Acquisition Should Support Future Upside

Analysts have adjusted their price targets for Cousins Properties, trimming one by about $1 to $34 and lifting another to $31. These changes reflect updated views on occupancy trends and the company’s relative appeal within the broader REIT group heading into 2026.
PDM
US$7.82
Piedmont Realty Trust
7D
-10.3%
1Y
-1.8%
PKST
US$20.81
Peakstone Realty Trust
7D
0.3%
1Y
91.4%

PKST: Future Buyout At 21 Dollars Will Frame Execution Risk

Narrative Update: Peakstone Realty Trust Analysts now see fair value for Peakstone Realty Trust at $21.00 compared with $16.00 previously, citing updated assumptions around discount rates, expected revenue trends, profit margins and future P/E, along with recent rating changes from research firms that have revisited their outlook on the shares. Analyst Commentary Recent Street research, including two downgrades this week, highlights a split view on Peakstone Realty Trust, with some analysts focused on potential upside drivers and others emphasizing execution and valuation risks at the new fair value level of $21.00.
FSP
US$0.77
Franklin Street Properties
7D
0.3%
1Y
-62.2%
SLG
US$38.56
SL Green Realty
7D
-9.1%
1Y
-40.2%

SLG: Leasing Momentum And Park Avenue Transactions Will Support Future Cash Flows

Analysts have trimmed their price targets on SL Green Realty, and our updated fair value estimate now sits at about US$70.83 per share, up roughly US$0.26. This reflects lower revenue growth and profit margin assumptions, which are partially offset by a higher future P/E multiple.
ONL
US$2.53
Orion Properties
7D
2.0%
1Y
-38.3%

Shift Toward Dedicated Use Assets Will Support More Durable Cash Flows Over Time

Catalysts About Orion Properties Orion Properties is a REIT focused on office and dedicated use assets across the United States. What are the underlying business or industry changes driving this perspective?