Despite the higher costs, many developers and their investors have plunged ahead. The number of Seattle-area apartment units under construction as of late 2021 — 26,396 — is nearly where it was in early 2020, according to Kidder Mathews, a commercial real estate agency.
“The better the economics, the more you can overlook the cost overruns,” says Dylan Simon, a Kidder Mathews executive vice president who specializes in apartment and land sales.
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