The Cleveland 4th Quarter 2022 Industrial Market Report compiled by CoStar tracks approximately 451 million square feet of industrial space in eight (8) counties (Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit). The 4th Quarter vacancy rate is 3.8%, decreasing 0.1% from the 3rd Quarter 2022 and 0.6% from the 4th Quarter 2021.
The Lake County market contains approximately 38.2 million square feet in 1,339 buildings, of which Mentor accounts for approximately 13 million square feet (or 33% of the total). The Lake County market had a vacancy rate of 2.1%, a decrease of 0.1% from the 3rd Quarter 2022 and 2.3% from the 4th Quarter 2021.
According to CoStar data, 13 thousand square feet, 2.3% of the industrial space in the City of Mentor is vacant. In the 3rd Quarter of 2022, the vacancy rate was 2.2%; one year ago, it was 3.4%. The largest available space is 7800 Tyler Blvd., 125,000 sq. ft., 9525 Hamilton Dr., 84,770 sq. ft., and 8820 East Ave., 73,550 sq. ft.