The Cleveland 4th Quarter 2021 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 fourth quarter vacancy rate was 4.7%, which remained the same from the 3rd Quarter 2021 and increased 0.3% from the 4th Quarter 2020.
The Lake County market contains approximately 39 million square feet in 1,342 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 4.2%, increasing 0.5% from the 3rd quarter 2021; and increasing 1.2% from the 4th Quarter 2020.
According to the CoStar data, approximately 439 thousand square feet or 3.1% of the industrial space in the City of Mentor is vacant. In the 3rd Quarter of 2021, the vacancy rate was 2.9%; one year ago, it was 3.3%. The largest available space is 7800 Tyler Blvd. 125,000, 8229 Tyler Blvd. 123,960 sq. ft., followed by 8755 Munson Blvd. 45,500 sq. ft.