Real Estate Glossary

The amount of gross revenue lost because of vacant space; an allowance item on pro-forma income statements, usually calculated as a percentage of gross revenue.

A measurement expressed as a percentage of the total amount of available space compared to the total inventory of space. Computed by multiplying vacant space times 100 and divided by total inventory.

Existing space which is currently being marketed for sale or lease, excluding sublet space.

A permit that grants a property owner relief from certain provisions of a zoning ordinance when, because of the particular physical surroundings, shape or topographical condition of the property, compliance would result in a particular hardship or practical difficulty which would deprive the owner of the reasonable use of the land or building involved.

Purchaser or "buyer," generally used in real property context.

The person who transfers property by sale. Another word for "seller." Commonly used in land contract sales.