The Cleveland 1st Quarter 2023 Industrial Market Report compiled by CoStar tracks approximately 450 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 3.7%; an increase of 0.1% from the 4th Quarter 2022 and a decrease of 0.3% from the 1st Quarter 2022.
The Lake County market contains approximately 39 million square feet in 1,343 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 2.5%, an increase of 0.4% from the 4th quarter 2022, and a decrease of 1.0% from the 1st Quarter 2022.
According to CoStar data, 323 thousand square feet, and 2.3% of the industrial space in the City of Mentor is vacant. In the 4th Quarter of 2022, the vacancy rate was 2.3%; one year ago, it was 2.9%. The largest available spaces are 7800 Tyler Blvd., 125,000 sq. ft., 9525 Hamilton Dr., 84,770 sq. ft., and 8820 East Ave., 73,550 sq. ft.