The Cleveland 3rd Quarter 2024 Industrial Market Report compiled by CoStar tracks approximately 453 million square feet of industrial space in eight (8) counties (Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit). The 3rd Quarter vacancy rate is 3.1%, decreasing 0.3% from the 2nd Quarter 2024 vacancy rate and remaining the same as the 3rd Quarter 2022 vacancy rate.
The Lake County market contains approximately 40 million square feet in 1,348 buildings, of which Mentor accounts for approximately 14 million square feet (or 35% of the total). The Lake County market vacancy rate is 2.1%, a decrease of 0.2% from the 2nd Quarter 2024 and a decrease of 0.4% from the 3rd Quarter 2023.
According to CoStar data, 241 thousand square feet, 1.6% of the industrial space in the City of Mentor is vacant. In the 2nd Quarter of 2024, the vacancy rate was 1.3%; one year ago, it was 2.0%. The largest available space is 7800 Tyler Blvd. 170,340 sq. ft., 8100 Tyler Blvd. 112,594 sq. ft., 8820 East Ave. 73,550 sq. ft.