According to the latest report, the industrial market in the Cleveland area, specifically in the City of Mentor, has slightly increased vacancy rates. The 2024 Q4 Industrial Market Report, released by CoStar and prepared by the City of Mentor's Planning & Development Department, reveals a 1.9% vacancy rate for industrial spaces in Mentor, marking an uptick from previous quarters.
The report indicates a broader vacancy rate of 3.6% throughout the eight counties tracked by CoStar, a slight rise from the 3.3% seen in the third Quarter of 2024. Despite increasing vacancies over the last quarter, Mentor's industrial space remains comparably robust, with a lower vacancy percentage than the larger eight-county region. Of the approximate 454 million square feet surveyed, Lake County's market includes about 40 million square feet across 1,348 buildings.
In Mentor, which boasts 36% of Lake County's industrial space at roughly 14 million square feet, vacancy figures have increased from 1.6% in the 3rd Quarter of 2024. The most prominent vacant properties include the expanses at 7800 Tyler Blvd., offering 170,340 square feet; 8100 Tyler Blvd., with 147,973 square feet; and 8820 East Ave., at 73,550 square feet.
The reports highlight the tight industrial market in the City of Mentor, even with the observed quarter-over-quarter changes. Lake County experienced a 0.3% increase in vacancy rates from the 3rd to the 4th Quarter of 2024, yet it has improved slightly when comparing year-over-year data from the 4th Quarter of 2023. The increase in its industrial vacancy rate in Mentor reflects a consistent demand for industrial space in the region and the moderate fluctuations typical in commercial real estate markets.
