The Cleveland 1st Quarter 2025 Industrial Market Report compiled by CoStar tracks approximately 454 million square feet of industrial space in eight (8) counties (Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit). The first quarter vacancy rate is 3.5%; increasing 0.02% from the 4th Quarter 2024 rate and decreasing 0.2% from the 1st Quarter 2024 rate.
The Lake County market contains approximately 40 million square feet in 1,346 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 2.2%, a decrease of 0.3% from the 4th quarter 2024, and a decrease of 0.1% from the 1st Quarter 2024.
According to CoStar data, 330 thousand square feet, and 2.2% of the industrial space in the City of Mentor is vacant. In the 4th Quarter of 2024, the vacancy rate was 2.1%; one year ago, it was 1.5%. The largest available spaces are 7800 Tyler Blvd., 170,340 sq. ft., 8100 Tyler Blvd., 147,973 sq. ft., and 8820 East Ave., 73,550 sq. ft.