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Vacancy

The number of units or space of a specific commercial type that is vacant and available for occupancy at a particular point in time within a given market. It is usually expressed as a vacancy rate.

Vacancy and Credit Losses

Income lost due to vacancies and/or tenants defaulting on lease payments.

Vacancy rate

The percentage of the total supply of units or space of a specific commercial type that is vacant and available for occupancy at a particular point in time within a given market. It is calculated by dividing vacant space by total space.

Variable interest rate

A loan rate that adjusts up and down based on factors such as changes in the rate paid on bank certificates of deposit or Treasury bills.

Variable rate

An interest rate that changes with fluctuations in such indexes as the U.S. Treasury bill index.

Variable rate mortgage

A loan with an interest rate that hinges on factors such as the rate paid on bank certificates and Treasury bills.

Voluntary lien

A lien that a homeowner willingly acquires (i.e. mortgage loan)

Some definitions come from the Certified Commercial Investment Member Institute (CCIM).