Knowledge Management (KM) capabilities provide the supportive structure required to share knowledge within the context in which it is required in an organizations. Previous researches have shown that at least more than half of failed KM initiatives and the problem of ineffective KM occur as a result of firms not assessing their capabilities before implementing KM program. This research was aimed at assessing the KM capabilities of Nigerian Quantity Surveying firms in view of adopting and implementing KM concept. A quantitative research approach was undertaken in this study. 78 Structured questionnaires had been administered to the professionals in the practicing Quantity Surveying firms to obtain the required data for the purpose of this study. Our assessment furnished us with the extent of KM capabilities of the Nigerian Quantity Surveying firms and also provides us with the grey areas such as motivation that should be improved in order to adopt and implement KM effectively. The study reveals that Quantity Surveyors have positive perception toward the KM concept and most of them are in the view that Knowledge is a key resource to any firm that owns it and they also have the opinion that adopting and implementing KM in the Nigerian Quantity Surveying firms would enhance their ability in carrying out their cost management services.