Office REITs

Office buildings and campuses.

Companies

With a moat

13%

Average quality

0 wide moat · 3 narrow moat · 21 no moat · Open in screener →

Updated 27 Sep 2026

Office REITs covers office buildings and campuses, including life-science and government-focused properties. MoatScope covers 24 companies here. None has a wide moat; three have a narrow moat and 21 none.

How the industry makes money

Office owners lease space on multi-year leases. Demand depends on how much space employers need, which remote and hybrid work have reduced.

Where the moats are

Only the strongest positions hold up: BXP's premier buildings, Alexandria's life-science campuses and COPT Defense's properties near U.S. defense installations are the three narrow-moat companies.

What wears moats down

Lower office use, tenants shrinking their footprint, and the cost of refinancing buildings whose values have fallen continue to weigh on the industry.

What to watch

Office utilization and leasing activity.
Vacancy rates.
Refinancing and property values.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Market share

Businesses ranked by revenue, with each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

US market · $147.8B total revenue in 2025 · source: JLL · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Derived: US office space × occupancy × asking rent (JLL).

#	Business	Market share	Revenue
1	BXP · BXP, Inc.	2.4%	$3.5B
2	ARE · ALEXANDRIA REAL ESTATE EQUITIES, INC.	2.0%	$3.0B
3	VNO · VORNADO REALTY TRUST	1.2%	$1.8B
4	KRC · KILROY REALTY CORP	0.8%	$1.1B
5	DEI · Douglas Emmett Inc	0.7%	$1.0B
6	SLG · SL GREEN REALTY CORP	0.7%	$1.0B
7	CUZ · COUSINS PROPERTIES INC	0.7%	$994M
8	HPP · Hudson Pacific Properties, Inc.	0.6%	$831M
9	HIW · HIGHWOODS PROPERTIES, INC.	0.5%	$806M
10	ESRT · Empire State Realty Trust, Inc.	0.5%	$768M
	All other companies	87.2%	$128.9B

Companies

Company	Moat	Quality
BXP BXP, Inc.	Narrow	47	2.4%	$9.3B
ARE ALEXANDRIA REAL ESTATE EQUITIES, INC.	Narrow	26	2.0%	$7.1B
VNO VORNADO REALTY TRUST	None	53	1.2%	$6.0B
CUZ COUSINS PROPERTIES INC	None	44	0.7%	$4.5B
KRC KILROY REALTY CORP	None	50	0.8%	$4.0B
CDP COPT DEFENSE PROPERTIES	Narrow	53	0.5%	$3.7B
SLG SL GREEN REALTY CORP	None	39	0.7%	$3.2B
HIW HIGHWOODS PROPERTIES, INC.	None	42	0.5%	$3.1B
DEI Douglas Emmett Inc	None	43	0.7%	$1.6B
AAT American Assets Trust, Inc.	None	47	0.3%	$1.3B
PDM Piedmont Realty Trust, Inc.	None	13	0.4%	$1.1B
DEA Easterly Government Properties, Inc.	None	41	0.2%	$1.0B
ESRT Empire State Realty Trust, Inc.	None	30	0.5%	$798M
JBGS JBG SMITH Properties	None	6	0.3%	$640M
HPP Hudson Pacific Properties, Inc.	None	24	0.6%	$489M
BDN BRANDYWINE REALTY TRUST	None	17	0.3%	$453M
OPI OFFICE PROPERTIES INCOME TRUST	None	21	0.3%	$289M
ONL Orion Properties Inc.	None	13	<0.1%	$112M
PCOK Pacific Oak Strategic Opportunity REIT, Inc.	None	7	<0.1%	$108M
MAYS MAYS J W INC	None	27	<0.1%	$80M
FSP FRANKLIN STREET PROPERTIES CORP /MA/	None	32	<0.1%	$40M
NYC American Strategic Investment Co.	None	14	<0.1%	$18M
CMCT Creative Media & Community Trust Corp	None	2	<0.1%	$15M
UK Ucommune International Ltd	None	15	<0.1%	$1M

24 companies.

Market share is a company's revenue in its main market as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

Price versus fair value for every company is in the screener.

Other Real Estate industries

Residential REITs Industrial REITs Retail & Net-Lease REITs Healthcare REITs Specialty & Diversified REITs Real Estate Services & Development