Vacancy rates refer to the percentage or proportion of available space in a commercial property that is unoccupied at any given time. This metric is commonly used by real estate investors, landlords and property managers as an indicator of market demand for office, retail, industrial or residential properties. A low vacancy rate suggests high demand and strong competition among tenants while a high vacancy rate indicates weak demand and ample available space in the market. Vacancy rates can also vary depending on location, size, type and condition of property as well as other factors such as lease terms, rental rates or economic conditions.