The Cleveland 3rd Quarter 2024 Retail Market Report compiled by CoStar tracks approximately 200 million square feet of retail space in 8 counties (Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit). The 3rd Quarter vacancy rate remained at 4.3% for 2024; however, this is 0.3% higher than the vacancy rate of 4.0% for the 3rd Quarter of 2023.
The Lake County market contains approximately 18 million square feet in 1,422 buildings of which Mentor accounts for approximately 7.9 million square feet (or 43% of the total). The Lake County market vacancy rate is 4.6%, which has decreased 0.9% from the 2nd Quarter 2024, and it has decreased 0.7% from the 5.3% rate of the 3rd Quarter of 2023.
According to the CoStar data, 6.6% of the retail space in the City of Mentor is vacant, which is 0.4% more than the 2nd Quarter 2024 vacancy rate and 0.4% more than the 3rd Quarter 2023 adjusted vacancy rate. The largest available spaces are 7960-8000 Plaza Blvd. 72,870 square feet, 7723 Mentor Ave. 64,500 square feet, and 8445-8485 Market St. 38,000 square feet.