The Cleveland 1st Quarter 2024 Retail Market Report compiled by CoStar tracks approximately 202 million sq. ft. of retail space in Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit counties. The 1st Quarter 2024 vacancy rate is 4.3%.
The Lake County market contains approximately 18 million sq. ft. in 1,415 buildings of which Mentor accounts for approximately 7.9 million sq. ft., or 43% of the total. The Lake County market vacancy rate is 5.8%, increasing 0.3% from 4th Quarter 2023 and decreasing 0.6% from the 6.4% rate of the 1st Quarter of 2023.
According to CoStar data, 7.1% of the retail space in the City of Mentor is vacant, which is an increase of 0.4% from the 4th Quarter 2023 vacancy rate and a decrease of 0.9% from the 1st Quarter 2023 adjusted vacancy rate.
The largest available spaces are at 7960-8000 Plaza Blvd. with 72,870 sq. ft., 7723 Mentor Ave. with 42,600 sq. ft., and 8445-8485 Market St. with 38,000 sq. ft.