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. You might see 3% or 10% or more. Could be due to competition, expiring leases, economic outlook etc.

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. Subleases may be marketed by leasee for competitive purposes. A tenant under contract is still paying rent, therefore the space is not “vacant” – available for lease.

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.

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. Applicant must prove a need or fault.

Virtual Storefront: An online business presence for sales. Some storefronts may only be an Ebay business or other Internet only sales center. Some may include a “brick and mortar” business as well. Good method to test products or business models. Also combine Social Media to further reach and impact.