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U.S. Office REITs Industry Analysis

UpdatedApr 05, 2026
DataAggregated Company Financials
Companies22
  • 7D2.0%
  • 3M-17.4%
  • 1Y-16.5%
  • YTDn/a

In the last week, the Office REITs industry is up 2.0%, with Cousins Properties up 5.2%. During this same period, the Net Lease Office Properties underperformed, falling 19%. However, the industry is down 16% over the past year. As for the next few years, earnings are forecast to decline by 18% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 05 Apr 2026US$39.2bUS$15.4b-US$61,495,000.0026.5x-638.1x2.5x
Tue, 03 Mar 2026US$42.3bUS$15.7b-US$42,278,000.0028.3x-1000.8x2.7x
Thu, 29 Jan 2026US$46.8bUS$15.5bUS$217.7m34.3x215.1x3x
Sat, 27 Dec 2025US$48.3bUS$15.7b-US$388,502,000.0031.5x-124.4x3.1x
Mon, 24 Nov 2025US$50.9bUS$16.4b-US$485,906,000.0032.5x-104.8x3.1x
Wed, 22 Oct 2025US$53.8bUS$16.3b-US$769,198,000.0041.7x-70x3.3x
Fri, 19 Sep 2025US$58.8bUS$16.2b-US$807,521,000.0038.5x-72.9x3.6x
Sun, 17 Aug 2025US$53.2bUS$16.2b-US$807,521,000.0035.6x-65.9x3.3x
Tue, 15 Jul 2025US$56.2bUS$16.3b-US$756,442,000.0051.2x-74.3x3.4x
Thu, 12 Jun 2025US$56.4bUS$16.3b-US$756,442,000.0047.3x-74.6x3.5x
Sat, 10 May 2025US$50.4bUS$16.3b-US$685,910,000.0045.8x-73.4x3.1x
Mon, 07 Apr 2025US$45.8bUS$15.7b-US$740,439,200.0067.5x-61.9x2.9x
Wed, 05 Mar 2025US$52.3bUS$15.7b-US$752,650,000.0068.1x-69.5x3.3x
Fri, 31 Jan 2025US$53.0bUS$15.4b-US$1,011,923,000.0066.6x-52.4x3.4x
Sun, 29 Dec 2024US$55.8bUS$15.7b-US$817,078,000.0029x-68.3x3.6x
Tue, 26 Nov 2024US$56.7bUS$15.7b-US$817,078,000.0043.6x-69.4x3.6x
Thu, 24 Oct 2024US$62.8bUS$15.7b-US$1,153,218,000.0077.5x-54.5x4x
Sat, 21 Sep 2024US$59.7bUS$15.8b-US$1,012,639,000.0075.3x-59x3.8x
Mon, 19 Aug 2024US$52.7bUS$15.8b-US$1,012,639,000.0066x-52x3.3x
Wed, 17 Jul 2024US$50.8bUS$15.8b-US$1,919,252,000.0054.1x-26.4x3.2x
Fri, 14 Jun 2024US$45.5bUS$15.8b-US$1,919,252,000.0048.6x-23.7x2.9x
Sun, 12 May 2024US$67.5bUS$18.6b-US$1,807,895,000.0050.3x-37.3x3.6x
Tue, 09 Apr 2024US$68.2bUS$18.5b-US$1,704,925,000.0052.2x-40x3.7x
Thu, 07 Mar 2024US$69.3bUS$18.5b-US$1,570,896,000.0047.7x-44.1x3.8x
Sat, 03 Feb 2024US$67.6bUS$17.9b-US$1,725,709,000.0038.3x-39.2x3.8x
Mon, 01 Jan 2024US$72.7bUS$17.8b-US$1,303,625,000.0041.9x-55.8x4.1x
Wed, 29 Nov 2023US$58.8bUS$17.8b-US$1,303,625,000.0034.9x-45.1x3.3x
Fri, 27 Oct 2023US$54.5bUS$18.1b-US$376,032,000.0019.9x-145x3x
Sun, 24 Sep 2023US$60.7bUS$18.1bUS$40.9m23.4x1485.8x3.4x
Tue, 22 Aug 2023US$64.4bUS$18.1bUS$40.9m27.3x1577.5x3.6x
Thu, 20 Jul 2023US$67.1bUS$18.0bUS$1.3b22.5x51x3.7x
Sat, 17 Jun 2023US$61.7bUS$18.0bUS$1.3b19.1x46.5x3.4x
Mon, 15 May 2023US$57.4bUS$18.0bUS$1.3b18.8x43.2x3.2x
Wed, 12 Apr 2023US$62.2bUS$18.1bUS$1.7b20.3x36.1x3.4x
Price to Earnings Ratio

36.1x


Total Market Cap: US$62.2bTotal 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 47.9x202420252026
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 Market3.46%
Real Estate2.85%
REITS2.54%
Office REITs2.01%
Industrial REITs3.32%
Retail REITs3.27%
Residential REITs3.08%
Specialized REITs2.88%
Diversified REITs2.54%
Healthcare REITs2.38%
Hotel and Resort REITs1.22%
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
CUZ Cousins PropertiesUS$22.465.2%
+US$186.1m		-13.7%PB0.8x
VNO Vornado Realty TrustUS$25.352.6%
+US$121.5m		-23.2%PB1x
HIW Highwoods PropertiesUS$21.434.1%
+US$93.7m		-21.0%PB1x
CDP COPT Defense PropertiesUS$31.352.4%
+US$88.8m		20.0%PB2.3x
KRC Kilroy RealtyUS$28.451.7%
+US$55.7m		-5.2%PB0.6x

Latest News

JBGS
US$14.33
JBG SMITH Properties
7D
-3.8%
1Y
-6.3%
NLOP
US$11.78
Net Lease Office Properties
7D
-19.3%
1Y
-58.6%
ESRT
US$5.16
Empire State Realty Trust
7D
4.0%
1Y
-28.4%
CUZ
US$22.46
Cousins Properties
7D
5.2%
1Y
-13.7%
CDP
US$31.35
COPT Defense Properties
7D
2.4%
1Y
20.0%
KRC
US$28.45
Kilroy Realty
7D
1.7%
1Y
-5.2%
VNO
US$25.35
Vornado Realty Trust
7D
2.6%
1Y
-23.2%

VNO: Leasing Momentum And Redevelopment Pipeline Will Support Future Upside Potential

Narrative Update Analysts have trimmed the fair value estimate for Vornado Realty Trust from $48.00 to about $43.96. Recent price target cuts across several firms point to tempered expectations for office REIT valuations and earnings multiples, including concerns around AI related pressure on office demand.
HIW
US$21.43
Highwoods Properties
7D
4.1%
1Y
-21.0%
SLG
US$36.06
SL Green Realty
7D
2.1%
1Y
-28.8%

SLG: Leasing Progress And Park Avenue Assets Are Expected To Support Future Cash Flows

The updated analyst price target for SL Green Realty has edged lower by about $1.45 per share as analysts factor in slightly higher discount rates, modestly weaker revenue growth assumptions, and a marginally softer profit margin outlook. Recent rating changes and target resets highlight differing views on office demand risks and valuation.
BXP
US$51.78
BXP
7D
0.7%
1Y
-14.3%

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.
CMCT
US$0.49
Creative Media & Community Trust
7D
-13.2%
1Y
-99.2%