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A rate calculated by dividing the amount of vacant space by the total inventory of existing space to arrive at a rate expressed as a percentage. Vacancy rate applies to one specific moment in time and is usually analyzed and grouped by type of property.
For example, a market has 100M square feet of office space and 5M square feet is vacant. Therefore the market vacancy rate is 5%.
Flexibility afforded to property owners when a tenant's use is not in strict accordance with zoning. The variance may have to pass a committee of adjustment. They will evaluate the severity of the variance and if the intended use is still within the spirit of the by-laws.