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and spoke model . While the demand for large headquarters spaces in our market might not be there , I expect companies previously based in NYC and Philadelphia to look to suburban New Jersey for their spokes .

Concurrently with the adoption of increased work-from-home and the hub and spoke model , workers will no longer need to be located in easy commuting distance of offices in NYC or Philadelphia . New Jersey ’ s wide variety of suburban locations , vibrant downtowns and urban cores will be the direct beneficiary of workers looking

for more bang for their buck in their residential options . Data from Zillow reinforces this as home prices in New Jersey are projected to rise by more than 7 percent by Q3 2021 . With that level of capital coming into the state , I hope that this will provide a much-needed spark for our retail sector as it looks to recover from the pandemic .

2021 will be filled with uncertainty and additional unanswered questions , but this does not mean that our economic picture is all doom and gloom . Our business community has shown tremendous resilience in the face of what has been an unpredictable and constantly shifting economic picture .

With promising news regarding vaccines and treatments for COVID‐19 , we will overcome this virus at some point . That resiliency and strength shown during the more acute phase of this crisis will be crucial in moving our business community forward as we look to recover . Equally vital will be for our state government to work collaboratively with our business community to craft solutions focused on long-term economic resiliency to ensure that New Jersey can emerge stronger from the pandemic .