A report released in January indicated that Glendale's office vacancy rate was 16%. The county average is 10.5% and nearby Pasadena and Burbank each boast rates well-below 5%.
But the lower vacancy rates in neighboring cities should lead investors who are looking for a better deal to Glendale, Kyser said.
"Opportunity, is the way I look at it," he said.
New development in the downtown area, especially the Americana at Brand, has already alerted investors to opportunities in Glendale, said Philip Lanzafame, director of development services for the city.
"The economic activity we've seen happen simply because the Americana at Brand has started construction is overwhelming, in a very positive way," Lanzafame said.
Jump-started commercial activity could also attract investors looking to lease office space, Lanzafame said.
"I expect to see the [office] vacancy rate drop into the single digits by the end of the next quarter," he said.
In a plea to prospective investors, Hassan Haghani, the acting director of the city's Planning Department, touted the cooperative relationship between his department and the city's Redevelopment Agency.
"The level of partnership that we have is not common," Haghani said.
A natural outgrowth of that partnership is the city's extensive rezoning of the San Fernando Road corridor to allow more mixed-use projects and a downtown specific plan that aims to make the area function "like a mall," Haghani said.
In closing remarks, event chair and City Councilman Bob Yousefian was optimistic that the presentation excited attending investors.
"Please go out and mingle," Yousefian said. "And let's make some deals."
RYAN VAILLANCOURT is a reporter for the Glendale News-Press. He may be reached at (818) 637-3215 or by e-mail at ryan.vaillancourtlatimes.com.
