"Burbank is doing very well because of the motion picture industry," Kyser said. "Glendale is not quite as strong, as reflected in office vacancy rates."
Glendale, Kyser added, is simply going through the natural ebbs of an elastic economy and temporary traffic problems.
"You've had major corporations leave ... or the downsizing at Disney so that leaves space on the market," he said. "But there are companies who are looking for space and the landlords in Glendale can be more aggressive. They need to hang on and continue to be business friendly."
His only mild concern was in housing where the average local cost skyrocketed in recent years forcing out younger home owners.
"There is a concern that people are going to other states, especially younger households," Kyser said.
But he said higher-density housing -- like apartments and homes with no side yards -- might be the only way to create affordable housing.
Retailers also looked toward the Galleria's strong presence in the area for a strong end to the year.
"It's a tremendous impact," on the local economy said JoAnne Brosi, the Galleria's general manager. "People like Jack [Kyser] look to us to set the trends. This is often the place to launch new retail concepts and test the market."
The Galleria features 250 specialty stores and five department stores that occupy 1.5 million square feet and grosses more than $5 million in annual sales, Brosi said. About 3,500 people work at the Galleria most of the year but that number swells to more than 5,000 for the period between the day after Thanksgiving and Dec. 31, she said. It is one of the top five grossing malls in mall-crazy Southern California.
She said the retail market often reflects the tone of the country or the region.
