The commercial real estate market continues to recover, but sales, leasing, and construction activity remain below year-ago levels. The recovery also remains uneven. There is stronger investor interest for land, multifamily, and industrial properties than for hotels, retail, and office properties. On a year-over-year basis, sales declined by 1% in the fourth quarter of 2020 but they declined 5% in the second quarter. Leasing volume fell by 1% annually but 4% in the second quarter. Construction activity was down by 3% annually and 6% in the second quarter. The risk spread which are cap rates less 10-year T-bond, remain elevated at 6% compared to 4% prior to the pandemic.