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Mentor seeing high occupancy rates in industrial spaces, slight dip in retail,

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The city of Mentor recently announced the results of the Cleveland 2nd Quarter 2021 Industrial and Retail Market Reports, showing total industrial space occupancy is at almost 98 percent and retail space occupancy is just below 90 percent.

The report tracks approximately 449 million square feet of industrial space and 196 million square feet of retail space in eight counties: Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina and Summit.

Mentor accounts for a notable 36 percent of the total amount of industrial space in Lake County, which is approximately 39.5 million square feet in 1,341 industrial buildings across the county. The report showed that 2.1 percent of Mentor’s industrial spaces are vacant, an improvement from the 3.5 percent vacancy rates of one year ago.

Mentor’s Director of Economic Development and International Trade Kevin Malecek commended the city’s high occupancy rates, as the Lake County community with the largest amount of developed industrial space.

“Mentor continues to be a superior location for manufacturing, warehousing, and distributing – representing the fifth largest manufacturing sector in the State of Ohio – evidenced by the fact that only 2.1% of the City’s space is vacant,” Malecek said. “The planning and development office is in constant communication with national and international players in industrial fields looking at both developed and undeveloped land in Mentor as an option for future expansion.”

In Lake County, there is approximately 18 million square feet of retail space, of which Mentor accounts for 7.8 million square feet– or 43 percent of the total, according to the report. Data showed that 10.3 percent of Mentor’s retail space is currently vacant, marking a 3 percent increase from the second quarter 2020 adjusted vacancy rate.

“While retail continues its COVID and online market-shaped evolution, which has resulted in the closure of some retail locations in the city, Mentor remains an extremely viable and vibrant regional retail hub,” Malecek said, “evidenced by the fact that almost 90 percent of our retail spaces are filled, and new investments like the specialty grocer near Heisley and Mentor Avenue, Raising Cane’s, Bibibop, Rose and Remington at Great Lakes Mall.

“Mentor, like every community, faces challenges in sustaining certain brick-and-mortar retail locations and is constantly working with property owners to innovate creative new uses of spaces.”

Malecek said city officials continue to aggressively pursue more high-quality industrial and retail tenants and operations to fill in the vacancies to the best of their ability.

“It is important for the public to remember that the city does not directly place businesses,” he said. “Our efforts to recruit and encourage development can help shape business decisions through fostering a business-friendly city culture, proper zoning, and appropriately constructed incentives in the right circumstances.”



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2021-07-24 20:03:26

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