The Cleveland 3rd Quarter 2023 Retail Market Report compiled by CoStar tracks approximately 202 million square feet of retail space in 8 counties (Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit). The 2nd Quarter vacancy rate remained 4.1% for 2023; however, this is 0.1% lower than the vacancy rate of 4.2% for the 3rd Quarter of 2022.
The Lake County market contains approximately 18 million square feet in 1,412 buildings of which Mentor accounts for approximately 7.9 million square feet (or 43% of the total). The Lake County market vacancy rate is 5.5%, which has increased 0.1% from the 2nd Quarter 2023, and it has decreased 1.3% from the 6.8% rate of the 3rd Quarter of 2022.
According to the CoStar data, 6.5% of the retail space in the City of Mentor is vacant, which is 0.2% less than the 2nd Quarter 2023 vacancy rate and 1.7% less than the 3rd Quarter 2022 adjusted vacancy rate. The largest available spaces are 7906-8000 Plaza Blvd. 71,790 square feet, 7723 Mentor Ave. 42,600 square feet, and 7797-7885 Mentor Ave. 25,306 square feet.