The Cleveland 1st Quarter 2025 Office Market Report compiled by CoStar tracks approximately 146 million square feet of office space in 8 counties (Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit). The 1st Quarter 2025 vacancy rate is 8.7%.
The Lake County market contains approximately 5 million square feet in 481 buildings of which Mentor accounts for approximately 1.8 million square feet (or 36% of the total). The Lake County market vacancy rate is 3.1%, increasing 0.5% from 4th Quarter 2024 and decreasing 0.6% from the 3.7% rate of the 1st Quarter of 2024.
According to the CoStar data, 3.7% of the office space in the City of Mentor is vacant, which is a decrease of 0.1% from the 4th Quarter 2024 vacancy rate and a decrease of 0.2% from the 1st Quarter 2024 adjusted vacancy rate. The largest available spaces are 8339 Tyler Blvd., 12,515 square feet, 9500 Mentor Ave., 12,006 square feet, and 8300 Tyler Blvd., 9,332 square feet.