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Portfolios
Portfolio Series Report
FTSE Nareit Office vs.
All Other Office Owners
A data-driven scoring comparison of publicly traded office REITs against all other institutional office landlords in CompStak’s national dataset, evaluated across rent, concessions, lease stability, tenant quality, and more.
Metrics Analyzed
6
Rent, concessions, WALT, tenant quality + more
Portfolios Scored
2
Nareit Office vs. All Other Landlords
The Result
One group comes out ahead. Download to see the scorecard.
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The Matchup
16 public REITs vs. the rest of the institutional market
FTSE Nareit Equity Office Index
VS
All Other Office Owners
& more
Why This Comparison Matters Now
Office fundamentals are shifting. REIT landlords and private institutional owners are not moving in lockstep.
The U.S. office sector has faced several years of demand disruption, tenant space rationalization, and rent pressure following hybrid work adoption. As conditions stabilize, a key question for investors and asset managers is whether publicly traded REIT ownership translates into measurable leasing outperformance. CompStak’s Portfolio Series scoring methodology puts that question directly to the data, comparing rent spread, concession strategy, lease term stability, tenant quality, and employment exposure side by side across both ownership groups.
What’s Inside
Six Metrics. One Clear Scorecard.
The full report scores each portfolio across in-place rent, mark-to-market spread, concessions, rent growth, lease term stability, tenant quality, and employment exposure.
Finding 01
A Substantial In-Place Rent Premium
Nareit Office tenants pay materially higher average rents than tenants of all other landlords. The report shows exactly how much of that gap is explained by portfolio composition versus leasing execution.
Finding 02
Mark-to-Market Upside Is Not Evenly Distributed
Both ownership groups show positive rent spread between market and in-place rents, but the gap between them is wider than many expect. The report quantifies where the larger rollover opportunity sits.
Finding 03
Nareit Office Landlords Spend More to Win Tenants
Free rent periods and TI allowances are higher across Nareit Office active leases. The report breaks down the concessions ratio and what it signals about competition for premium tenants in these markets.
Finding 04
Long-Term Rent Growth Favors Nareit; Recent Momentum Favors Others
Since 2019, Nareit Office portfolios have posted stronger starting rent growth overall. But over the most recent 24-month period, all other landlords closed the gap considerably. Both trends are mapped in the full report.
Finding 05
WALT Advantage Signals Lower Near-Term Rollover Risk
Nareit Office leads on weighted average remaining lease term by a meaningful margin. The report identifies the largest individual lease commitments within each portfolio driving that stability.
Finding 06
Tenant Quality Scores Are Identical. Employment Exposure Is Not.
Both portfolios score at the national average on tenant quality. Where they diverge is in industry exposure, particularly around TAMI concentration and its effect on each portfolio’s weighted employment growth rate.
Portfolio Composition
Who’s in each portfolio?
A snapshot of the ownership groups and key portfolio characteristics analyzed in this report.
FTSE Nareit Equity Office Index (16 REITs)
Includes
BXP, Vornado, Cousins, Kilroy, SL Green, Highwoods + 10 more
Market Cap (April 2026)
$38.8B
Largest market by SF
New York City (35.3%)
Prime Class A share
53.8%
Urban/Suburban split
80% CBD / 20% Suburban
Top tenant industries
FIRE (26.5%), TAMI (25.9%)
All Other Office Landlords
Largest owners include
Brookfield, Tishman Speyer, Hines, Irvine Company + more
Ownership types
Private equity, institutional managers, sovereign wealth
Largest market by SF
New York City (16.6%)
Prime Class A share
38.7%
Urban/Suburban split
59% CBD / 41% Suburban
Top tenant industries
TAMI (19.8%), FIRE (19.5%)
The full scorecard is one form away.
Download the complete Portfolio Series report for every metric, chart, and methodology note behind this comparison.
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