Ontario

Kitchener-Cambridge-Waterloo Office Market Report 2025 — Prices, Cap Rates & Trends

In the Kitchener-Cambridge-Waterloo office market, the median recorded sale price is $2,475,000, across 118 recorded transactions, between 2021-09-24 to 2025-12-31.

Analyze a deal

$2.5M

Median sale price

118

Recorded transactions

11.4%

YoY change in median

Price distribution

Where Kitchener-Cambridge-Waterloo office sale prices sat across 118 recorded transactions.

Median sale price by year

5 of 5 years in the window carried enough recorded sales to plot a median for Kitchener-Cambridge-Waterloo office.

Recorded transaction volume by year

Year	Recorded transactions
2021	13
2022	26
2023	21
2024	33
2025	25

This market vs. Ontario overall

Metric	Kitchener-Cambridge-Waterloo	Ontario
Median sale price	$2,475,000	$2,194,500
25th percentile	$1,514,959	$1,325,000
75th percentile	$6,618,750	$4,750,000
Recorded transactions	118	29,749
Year-over-year change	+11.4%	-5.5%

Asset classes in Kitchener-Cambridge-Waterloo

Asset class	Median price	Transactions
Industrial	$4M	242
Land	$4.7M	109
Multifamily	$2.5M	383
Office	$2.5M	118
Other	$2.2M	226
Retail	$2M	158

Office across Ontario markets

Market	Median price	Transactions
Barrie	$2.5M	33
Belleville	$1.9M	13
Brantford	$2M	18
Greater Sudbury	$2M	20
Guelph	$2M	37
Hamilton	$2M	120
Kingston	$1.9M	25
Kitchener-Cambridge-Waterloo	$2.5M	118
London	$2.4M	71
Oshawa	$1.6M	44
Ottawa	$4.7M	197
Peterborough	$1.3M	13
St. Catharines-Niagara	$1.7M	42
Thunder Bay	$1.4M	23
Toronto	$2.5M	772
Windsor	$2M	50

Rental market context

The CMHC Rental Market Survey reports a 4.1% purpose-built rental vacancy rate for Kitchener-Cambridge-Waterloo (2025). This is residential rental context, not a commercial metric.

Recent recorded sales

Month	Area	Price band	Type
2025-12	Waterloo, ON	$500K–$750K	Office
2025-12	Waterloo, ON	$5.0M–$6.0M	Office
2025-12	Cambridge, ON	$1.0M–$1.5M	Office

Municipality, month and price band only.

Common questions

What is the median office sale price in Kitchener-Cambridge-Waterloo?

$2,475,000, across 118 recorded transactions in our dataset.

Are Kitchener-Cambridge-Waterloo office prices rising or falling?

The median recorded sale price changed +11.4% year over year in the most recent full comparison.

Methodology

This page draws on 118 recorded commercial transactions in Kitchener-Cambridge-Waterloo between 2021-09-24 and 2025-12-31, from the EVALUAITE Market Intelligence dataset. A city and asset class is published only once it carries at least 50 recorded transactions.

Too few of these sales reported a cap rate to publish a range, so none is shown. All 5 years in the window carried enough sales to plot a median. The year-over-year comparison had enough sales on both sides to compute. CMHC rental context is available for this market.

Prepared by the EVALUAITE Market Intelligence team.