The Cleveland 3rd Quarter 2023 Office Market Report compiled by CoStar tracks approximately 147 million square feet of office space in 8 counties (Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit). The 3rd Quarter 2023 vacancy rate is 9.2%.
The Lake County market contains approximately 5.2 million square feet in 473 buildings of which Mentor accounts for approximately 1.4 million square feet (or 27% of the total). The Lake County market vacancy rate is 4.2%, increasing 0.5% from 2nd Quarter 2023; and decreasing 0.6% from the 4.8% rate of the 3rd Quarter 2022.
According to the CoStar data, 5.0% of the office space in the City of Mentor is vacant, which is a decrease of 0.7% from the 2nd Quarter 2023 vacancy rate and an increase of 0.5% from the 3rd Quarter 2022 adjusted vacancy rate. The largest available spaces are 7541-7547 Mentor Ave., 14,886 square feet, 7325 Production Dr., 12,000 square feet, and 6990 Lindsay Dr., 10,732 square feet.