Demand for help at the Verdugo Jobs Center, which provides counseling and training for job-seekers in Glendale and Burbank, has skyrocketed, from an average of about 4,000 monthly visitors to more than 9,000 monthly.
Mervyn’s and Circuit City closed their doors this year, leaving massive retail spaces largely empty and inactive.
And two new office buildings, meant to attract progressive and environmentally conscious businesses to Burbank, sit empty.
The structures have combined to dilute the commercial real estate market with more than 800,000 square feet of empty space, pushing the city’s previous 3.5% vacancy rate to 17.7%.
And two tenants recently moved out of more than 500,000 square feet of rented space at Bob Hope Airport because of reduced business, a change that will result in lost revenues of about $800,000 annually for the Burbank-Glendale-Pasadena Airport Authority.