The Cleveland 2nd Quarter 2024 Office Market Report compiled by CoStar tracks approximately 144 million square feet of office space in 8 counties (Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit). The 2nd Quarter 2024 vacancy rate is 8.7%.
The Lake County market contains approximately 5 million square feet in 477 buildings of which Mentor accounts for approximately 1.5 million square feet (or 30% of the total). The Lake County market vacancy rate is 3.6%, decreasing 0.3% from 1st Quarter 2024 and decreasing 0.1% from the 3.7% rate of the 2nd Quarter of 2023.
According to the CoStar data, 3.0% of the office space in the City of Mentor is vacant, which is a decrease of 1.1% from the 1st Quarter 2024 vacancy rate and a decrease of 2.6% from the 2nd Quarter 2023 adjusted vacancy rate. The largest available spaces are 8300 Tyler Blvd., 9,332 square feet, 7541-7547 Mentor Ave., 8,757 square feet, and 9002 Mentor Ave., 7,500 square feet.