Cushman & Wakefield Waterloo Region Insights

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In the News, Information, Office, Workplace

2025 Canada Office Fit Out Cost Guide: Key Takeaways for Waterloo Region

In today’s evolving workplace, businesses are prioritizing high-quality office spaces to attract top talent and support productivity. But what does it cost to create an office environment that meets modern demands? Cushman & Wakefield’s 2025 Office Fit Out Cost Guide provides valuable insights into fit out expenses across Canada, including Toronto, Montreal, Vancouver, and Calgary.

Key Trends Shaping Office Fit Outs in 2025

  • The Flight to Quality Continues
    Companies are moving toward premium office spaces, but with new construction slowing, many occupiers will need to invest in high-quality fit outs instead of waiting for new developments.
  • Rising ESG Investments Impact Costs
    Sustainability remains a top priority, with 80% of general contractors reporting that clients are maintaining or increasing spending on environmental, social, and governance (ESG) features. This shift has contributed to rising prices in key materials, particularly those related to electrification.
  • Labour Shortages Persist
    Finding skilled trades and construction professionals remains a challenge, affecting project timelines and costs.
  • Office Fit Out Costs Are Rising
    Across major markets, the cost per square foot (psf) for office fit outs has increased:
    • Toronto: $210.09/psf (up from $200.54/psf)
    • Montreal: $189.25/psf (up from $183.74/psf)
    • Vancouver: $180.20/psf (up from $170.83/psf)
    • Calgary: $146.07/psf (up from $141.81/psf)

Beyond Construction: The “All-In” Cost Approach

Fit out costs go beyond just physical construction. Our guide introduces a new method for calculating total project spend, which includes:

  • Soft Costs (design, legal fees, permits)
  • Low Voltage Cabling (IT, A/V, security systems)
  • Furniture, Fixtures & Equipment (FF&E)

By considering these factors, businesses can better plan for their actual investment when designing their ideal office space.

How Cushman & Wakefield Waterloo Region Can Help

Located in the heart of Southwest Ontario, Cushman & Wakefield Waterloo Region Ltd., Brokerage offers deep expertise in commercial real estate sales and leasing, investment and portfolio sales, development sites, and project marketing. Whether you’re an employer, investor, developer, or occupier, our team is committed to providing specialized solutions that optimize your real estate investments.

Our property experts combine local market knowledge with industry sector expertise to deliver exceptional service across Kitchener-Waterloo, Cambridge, Guelph, and surrounding regions. With nearly 100 years of experience, we have successfully facilitated some of the most significant transactions in Canada and globally—helping owners achieve strong financial returns and uncovering compelling opportunities for investors.

As businesses navigate increasing office fit out costs and evolving workplace needs, our team is here to guide you through every step of your commercial real estate strategy.

Summary & Full Report

The 2025 Office Fit Out Cost Guide provides crucial insights for businesses planning an office build-out in Canada. Rising costs, sustainability considerations, and labour shortages are key factors shaping the landscape. To explore the full breakdown and access detailed cost insights, click here to view the complete guide from Cushman & Wakefield.

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