The Cleveland 3rd Quarter 2023 Office Market Report compiled by CoStar tracks approximately 147 million square feet of office space in 8 counties (Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit). The 3rd Quarter 2023 vacancy rate is 9.2%.
The Lake County market contains approximately 5.5 million square feet in 476 buildings of which Mentor accounts for approximately 1.7 million square feet (or 30% of the total). The Lake County market vacancy rate is 3.4%, decreasing 0.1% from the 3.5% rate of the 2nd Quarter 2024; and decreasing 0.7% from the 4.1% rate of the 3rd Quarter 2023.
According to the CoStar data, 3.6% of the office space in the City of Mentor is vacant, which is a decrease of 0.8% from the 2nd Quarter 2024 vacancy rate and a decrease of 0.7% from the 3rd Quarter 2023 adjusted vacancy rate. The largest available spaces are 9500 Mentor Ave. 15,982 square feet, 9853 Johnnycake Ridge Rd. 9,503 square feet, and 8300 Tyler Blvd. 9,332 square feet.