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Glossary of Real Estate Terms
Vacancy factor
The amount of gross revenue that pro forma income statements anticipate will be lost because of vacancies, often expressed as a percentage of the total rentable square footage available in a building or project
Vacancy rate
The total amount of available space compared to the total inventory of space and expressed as a percentage
Vacant space
Existing tenant space currently being marketed for lease excluding space available for sublease
Value-added
A phrase generally used by advisers and managers to describe investments in underperforming and/or undermanaged assets. The objective is to generate 13 percent to 18 percent returns.
Variable-rate
A loan interest rate that varies over the term of the loan, usually tied to a predetermined index. Also called adjustable-rate.
Variance
Permission that allows a property owner to depart from the literal requirements of a zoning ordinance that, because of special circumstances, cause a unique hardship
Virtual storefront
An online business presence for sales
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