The Simon | Anderson Multifamily Team at Kidder Mathews has released its annual report on the Seattle and Puget Sound apartment development pipeline.
The study analyzes more than 500 individual apartment developments representing over 110,000 planned units across the four major Western Washington counties: King, Pierce, Snohomish, and Kitsap. The team traced apartment deliveries over the past decade and analyzed current projects under construction, approved, and in review to provide an in-depth look at development activity across the region.
This year’s report points to a significant reset in the Puget Sound development pipeline. For the first time in the current cycle, a meaningful number of developers formally shelved projects rather than continuing to extend timelines and hold entitlements while waiting for market conditions to improve. As a result, both the approved and in-review pipelines contracted over the past year.
Across the four-county region, an estimated 19,163 units are currently under construction, 12,931 are approved, and nearly 78,925 remain in review, representing a total pipeline of 111,019 units. The report attributes the contraction primarily to development economics, as elevated construction and capital costs continue to make new projects difficult to pencil, even in submarkets with strong long-term fundamentals.
The trend is particularly evident in the approved pipeline. In Seattle and suburban King County, developers increasingly opted to cancel permitted projects rather than carry entitlements indefinitely. Outside King County, construction activity increased across Snohomish, Pierce, and Kitsap counties,
while the inventory of approved projects declined sharply as projects either moved into construction or were cancelled without being replaced.
“This year’s shift is less about weakening fundamentals and more about development math,” said Executive Vice President Dylan Simon, who leads the Simon | Anderson Multifamily Team with Jerrid Anderson. “At today’s construction and capital costs, many projects simply no longer pencil. As the pipeline resets, we expect fewer deliveries in 2028 and beyond, creating favorable supply dynamics for the projects and sites that remain.”
See the attached Executive Summary for key insights and download the full 2026 Seattle Apartment Development Pipeline report.
About the Simon | Anderson Multifamily Team
The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents apartment investors, developers, and landowners in the sale and purchase of apartment buildings and development land across the entire State of Washington. The team of 15 brokerage professionals specializes in the sale and purchasing of apartment buildings and development land from $1 million to more than $100 million. For more information, visit simonandersonteam.com.
About Kidder Mathews
Kidder Mathews is the largest fully independent commercial real estate firm in the Western U.S., with over 900 professionals in 20 offices across Washington, Oregon, California, Nevada, Arizona, and Texas. We offer a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. Kidder Mathews averages $9 billion in transaction volume, manages 55 million square feet of space, and conducts nearly 2,700 appraisal, consulting, and cost segregation assignments annually. For more information, visit kidder.com.
