The Cleveland 4th Quarter 2021 Retail Market Report compiled by CoStar tracks approximately 198 million square feet of retail space in 8 counties (Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit). The 4th Quarter vacancy rate decreased 0.4% to 4.3% for 2021.
The Lake County market contains approximately 18 million square feet in 1,385 buildings of which Mentor accounts for approximately 7.8 million square feet (or 43% of the total). The Lake County market vacancy rate is 6.2%, decreasing 0.1% from 3rd Quarter 2021; and decreasing 0.3% from the 6.5% rate of the 4th Quarter of 2020.
According to the CoStar data, 7.5% of the retail space in the City of Mentor is vacant, which is 0.3% less than the 3rd Quarter 2021 vacancy rate and has increased 0.1% from the 4th Quarter 2020 adjusted vacancy rate. The largest available spaces are 7900 Plaza Blvd. 82,685 square feet, 7723 Mentor Ave. 42,600 square feet, and 9620 Diamond Centre Drive 32,040.