Vacancy factor - A measure of the loss of gross rental income due to vacancies. The rate is expressed as a percentage of the total rentable square footage available in a property. Vacancies could be due to market competition or terminating leases.

Vacancy rate - The amount of total space available compared to the total inventory of space, expressed as a percentage

Vacant space - Existing tenant space currently on the market for lease, not including sublease space available.

Value-added - A phrase generally used by advisers and managers to describe opportunity style investments in underperforming and/or undermanaged commercial properties with the objective of realizing value creation over a short term time span.

Variable-rate - An adjustable-rate loan whose interest rate varies over the term of the loan, usually tied to a predetermined index such as LIBOR.

Variance - A legal allowance granted by an authorized zoning body to a property owner, upon proof of need, to depart from the literal requirements of a zoning ordinance in utilizing his property in cases that, due to special circumstances, would cause a unique hardship.

Virtual storefront - A business presence, in the form of a website, on the internet constructed to offer and complete sales. Storefronts may exist as businesses only on the Internet or may be online portals for traditional "brick and mortar" businesses.