The Cleveland 4th Quarter 2023 Industrial Market Report compiled by CoStar tracks approximately 452 million square feet of industrial space in eight (8) counties (Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit). The 4th Quarter vacancy rate is 3.5%, increasing 0.3% from the 3rd Quarter 2023 and 0.04% from the 4th Quarter 2022.
The Lake County market contains approximately 40 million square feet in 1,343 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 2.5%, a decrease of 0.2% from the 3rd Quarter 2023 and an increase of 0.4% from the 4th Quarter 2022.
According to CoStar data, 254 thousand square feet, 1.7% of the industrial space in the City of Mentor is vacant. In the 3rd Quarter of 2023, the vacancy rate was 1.9%; one year ago, it was 2.1%. The largest available space is 7800 Tyler Blvd., 125,000 sq. ft., 8820 East Ave., 73,550 sq. ft., and 7455 Tyler Blvd., 51,470 sq. ft.