The Cleveland 4th Quarter 2024 Industrial Market Report compiled by CoStar tracks approximately 454 million square feet of industrial space in eight (8) counties (Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit). The 4th Quarter vacancy rate is 3.6%, increasing 0.4% from the 3rd Quarter 2024 and remaining the same as the 4th Quarter 2023 vacancy rate.
The Lake County market contains approximately 40 million square feet in 1,348 buildings, of which Mentor accounts for approximately 14 million square feet (or 36% of the total). The Lake County market had a vacancy rate of 2.4%, an increase of 0.3% from the 3rd Quarter 2024 and a decrease of 0.1% from the 4th Quarter 2023.
According to CoStar data, 254 thousand square feet, 1.9% of the industrial space in the City of Mentor is vacant. In the 3rd Quarter of 2024, the vacancy rate was 1.6%; one year ago, it was 1.7%. The largest available space is 7800 Tyler Blvd. 170,340 sq. ft., 8100 Tyler Blvd. 147,973 sq. ft., and 8820 East Ave., 73,550 sq. ft.