This report is a collaboration between ULI Northwest and the Center for Real Estate at Portland State University. It presents the results of a survey conducted among commercial real estate market participants in Oregon and Washington at the end of May 2021. Our goal is to understand 1) the impact of the COVID-19 crisis on the real estate community in the Pacific Northwest in 2021 and 2) how this effect has changed from July 2020, when this survey was last conducted. In total, 314 respondents completed the survey.