The Cleveland 1st Quarter 2024 Industrial Market Report compiled by CoStar tracks approximately 450 million sq. ft. of industrial space Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit counties. The 1st Quarter 2024 vacancy rate is 3.6%, which remains the same as the 4th Quarter 2023 and increased 0.5% from the 1st Quarter 2023.
The Lake County market contains approximately 40 million sq. ft. in 1,348 buildings of which Mentor accounts for approximately 14 million sq. ft., or 36% of the total. The Lake County market had a vacancy rate of 2.3%, a decrease of 0.3% from the 4th Quarter 2023, and a decrease of 0.1% from the 1st Quarter 2023.
According to CoStar data, 217 thousand sq. ft., and 1.5% of the industrial space in the City of Mentor is vacant. In the 4th Quarter of 2023, the vacancy rate was 1.7%; one year ago, it was 2.2%.
The largest available spaces are at 7800 Tyler Blvd. with 125,000 sq. ft., 8820 East Ave. with 73,550 sq. ft., and 7455 Tyler Blvd. with 51,470 sq. ft.