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Glossary

Our glossary of industry terms is one of the most visited sections of our site. We work continually to keep it current and are always adding new terms. In addition, if you ever can't find an industry word you are looking for, let us know. We'll research it and add it for you.


  • 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.

  • Value-added

    A phrase generally used by advisers and managers to describe investments in underperforming and/or undermanaged assets that possess upside potential. NOI and property value can be positively affected through a change in marketing, operating or leasing strategy; physical improvements; and/or a new capital structure. The objective is to generate 13 percent to 18 percent returns. Leverage could fall in the 60 percent to 70 percent range. 

  • 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.