The Cleveland 2nd Quarter 2024 Retail Market Report compiled by CoStar tracks approximately 201 million square feet of retail space in 8 counties (Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit). The 2nd Quarter vacancy rate decreased 0.1% to 4.3% for 2024; however, this is 0.2% higher than the vacancy rate of 4.1% for the 2nd Quarter of 2023.
The Lake County market contains approximately 18 million square feet in 1,419 buildings of which Mentor accounts for approximately 7.9 million square feet (or 43% of the total). The Lake County market vacancy rate is 5.7%, decreasing 0.1% since the 1st Quarter 2024, and it has increased 0.4% from the 5.3% rate of the 2nd Quarter of 2023.
According to the CoStar data, 6.5% of the retail space in the City of Mentor is vacant, which is 0.6% lower than the 1st Quarter 2024 vacancy rate and 0.3% higher than the 2nd Quarter 2023 adjusted vacancy rate. The largest available spaces are 7960-8000 Plaza Blvd. 72,870 square feet, 7723 Mentor Ave. 42,600 square feet, and 7797-7885 Mentor Ave. 24,282 square feet.