The Cleveland 1st Quarter 2023 Retail Market Report compiled by CoStar tracks approximately 201 million square feet of retail space in 8 counties (Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit). The 1st Quarter 2023 vacancy rate is 4.0%.
The Lake County market contains approximately 18 million square feet in 1,402 buildings of which Mentor accounts for approximately 8.1 million square feet (or 45% of the total). The Lake County market vacancy rate is 5.9%, decreasing 0.2% from 4th Quarter 2022; and increasing 0.2% from the 5.7% rate of the 1st Quarter of 2022.
According to the CoStar data, 8.0% of the retail space in the City of Mentor is vacant, which is an increase of 0.5% from the 4th Quarter 2022 vacancy rate and a decrease of 0.2% from the 1st Quarter 2022 adjusted vacancy rate. The largest available spaces are 7960-8000 Plaza Blvd., 81,885 square feet, 7723 Mentor Ave., 42,600 square feet, and 7797-7885 Mentor Ave., 27,806 square feet.