The Cleveland 2nd Quarter 2023 Industrial Market Report compiled by CoStar tracks approximately 451 million square feet of industrial space in eight (8) counties (Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit). The 2nd Quarter vacancy rate is 6.9%, increasing 0.7% from the 1st Quarter 2023 and 1.7% from the 2nd Quarter 2022.
The Lake County market contains approximately 38.8 million square feet in 1,342 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 2.3%, a decrease of 0.2% from the 1st Quarter 2023 and 0.4% from the 2nd Quarter 2022.
According to CoStar data, 193 thousand square feet, 1.4% of the industrial space in the City of Mentor is vacant. In the 1st Quarter of 2023, the vacancy rate was 2.3%; one year ago, it was 2.5%. The largest available space is 7800 Tyler Blvd., 125,000 sq. ft., 8525 Hamilton Rd., 84,770 sq. ft., 8820 East Ave., 73,550 sq. ft., and 7300 Industrial Park Blvd., 20,600 sq. ft.