The Cleveland 4th Quarter 2019 Retail Market Report compiled by CoStar tracks approximately 192 million square feet of retail space in 8 counties (Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit). The 4th Quarter vacancy rate decreased 0.1% to 4.5%; this is 0.2% lower than the vacancy rate of 4.7% for the 4th Quarter of 2018.
The Lake County market contains approximately 18 million square feet in 1,355 buildings of which Mentor accounts for approximately 7.7 million square feet (or 40% of the total). The Lake County market vacancy rate increased 0.2% to 4.4% for the 4th Quarter of 2019; however, it is 0.5% lower than the 4.9% rate of the 4th Quarter 2018.
According to the CoStar data, 4.6% of the retail space in the City of Mentor is vacant, which is unchanged from the 3rd Quarter 2019 vacancy rate and has decreased 0.5% from the 4th Quarter 2018 vacancy rate of 5.1%. The largest available spaces are 7900 Plaza Blvd. 82,685 square feet, 7797-7885 Mentor Ave. 56,257 square feet, and 7723 Mentor Ave. 42,600 square feet.