The Cleveland 4th Quarter 2024 Retail Market Report compiled by CoStar tracks approximately 202 million square feet of retail space in 8 counties (Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit). The 4th Quarter vacancy rate remained at 4.3% for 2024 and increased 0.2% from the vacancy rate of 4.1% for the 4th Quarter of 2023.
The Lake County market contains approximately 18 million square feet in 1,426 buildings of which Mentor accounts for approximately 7.9 million square feet (or 43% of the total). The Lake County market vacancy rate decreased 0.1% to 4.5%, and it has decreased 0.8% from the 5.3% rate of the 4th Quarter of 2023.
According to the CoStar data, 6.6% of the retail space in the City of Mentor is vacant, remaining the same as the 3rd Quarter 2024 vacancy rate and 0.2% more than the 4th Quarter 2023 adjusted vacancy rate. The largest available spaces are 8445-8485 Market St. 104,454 square feet, 7960-8000 Plaza Blvd. 69,770 square feet, 7721-7723 Mentor Ave. 64,500 square feet.