The Cleveland 1st Quarter 2024 Office Market Report compiled by CoStar tracks approximately 144 million sq. ft. of office space in Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit counties. The 1st Quarter 2024 vacancy rate is 9.0%.
The Lake County market contains approximately 5 million sq. ft. in 478 buildings of which Mentor accounts for approximately 1.5 million sq. ft., or 30% of the total. The Lake County market vacancy rate is 3.9%, decreasing 0.5% from 4th Quarter 2023 and increasing 0.2% from the 3.7% rate of the 1st Quarter of 2023.
According to CoStar data, 4.3% of the office space in the City of Mentor is vacant, which is a decrease of 0.7% from the 4th Quarter 2023 vacancy rate and an increase of 0.1% from the 1st Quarter 2023 adjusted vacancy rate.
The largest available spaces are at 7541-7547 Mentor Ave. with 11,862 sq. ft., 6990 Lindsay Dr. with 9,699 sq. ft., and 8300 Tyler Blvd. with 9,332 sq. ft.