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.

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.

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.

Verification Of Deposit – A form utilized by mortgage lenders to corroborate the deposits or cash assets of a potential borrower when monthly statements are not available or not usable.

Verification Of Rent – A form utilized by mortgage lenders to confirm monthly rents paid and also describes the history of any late payments.