Commercial sales and new aggregate lease values in the Keys represent only 3% of the number of and dollar volume of overall sales for the first half of 2021. The average sale price of commercial sales at $926,507 is only slightly more than the overall total market average of $859,627. The commercial market in the Keys is an important and integral part of the overall market from other perspectives, however, and deserves to be tracked and monitored as it represents another measure of the health of the market, and provides a measure of overall buyer confidence. The current period reflects a resurgence in interest in commercial real estate which has not kept pace with the residential segment of the market through the COVID pandemic. Retail, hospitality and office sales have suffered while residential activity has boomed. Now, with a renewal of interest based upon record hotel and vacation rental occupancy and average daily room rates since the reopening of the Keys in June of 2020, commercial activity is on the increase. Prices during the COVID-induced slowdown in the commercial market did not suffer significantly but the volume of activity did. We expect that the commercial segment will continue to show modest increases in volume of activity so long as hotel and vacation rental occupancies remain strong in the face of the COVID variants. New commercial development is occurring most briskly in the public sector. New private commercial development has not kept pace given rising costs, lack of labor, and limited demand. New residential and commercial development are both restricted by ROGO and BPAS but new commercial projects have not kept up with residential development, and significant commercial square footage remains available to fulfill any needs for new commercial well into the future beyond the sunset of ROGO and BPAS in 2023.