The Cleveland 1st Quarter 2023 Office Market Report compiled by CoStar tracks approximately 144 million square feet of office space in 8 counties (Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit). The 1st Quarter 2023 vacancy rate is 8.5%.
The Lake County market contains approximately 5 million square feet in 472 buildings of which Mentor accounts for approximately 1.4 million square feet (or 28% of the total). The Lake County market vacancy rate is 3.9%, decreasing 0.1% from 4th Quarter 2022; and 0.3% from the 4.2% rate of the 1st Quarter of 2022.
According to the CoStar data, 4.4% of the office space in the City of Mentor is vacant, which is an increase of 0.3% from the 4th Quarter 2022 vacancy rate and 1.4% from the 1st Quarter 2022 adjusted vacancy rate. The largest available spaces are 7314-7352 Industrial Park Blvd., 14,861 square feet, 7541-7547 Mentor Ave., 14,336 square feet, and 7325 Production Dr., 12,000 square feet.