The Cleveland 4th Quarter 2023 Office Market Report compiled by CoStar tracks approximately 149 million square feet of office space in 8 counties (Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit). The 4th Quarter 2023 vacancy rate is 9.1%, decreasing 0.01% from the 3rd Quarter 2023 and increasing 1.0% from the 4th Quarter 2022.
The Lake County market contains approximately 5.2 million square feet in 476 buildings of which Mentor accounts for approximately 1.4 million square feet (or 27% of the total). The Lake County market vacancy rate is 4.5%, increasing 0.3% from 3rd Quarter 2023; and 1.1% from the 3.4% rate of the 4th Quarter 2022.
According to the CoStar data, 5.3% of the office space in the City of Mentor is vacant, which is an increase of 0.1% from 3rd Quarter 2023 and 1.1% from the 4th 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.