Vacancy Rate (Taxa de Vacância)

The vacancy rate measures the share of units or leasable area that remain unoccupied relative to the total available in a property, development, or portfolio, over a reference period. It is expressed as a percentage and calculated as: vacancy (%) = (vacant units / total units) × 100.

This indicator is central to real estate investment analysis because it directly affects cash flow, effective yield, and asset valuation.

• Physical vacancy: the percentage of units that are physically unoccupied, regardless of any contracts in force.
• Financial vacancy: the percentage of potential revenue not realized due to vacant units and contractual grace periods. Under the regulatory definition applicable to Brazilian REITs (FIIs) (CVM Resolution 175/2022), default on active leases does not necessarily count as financial vacancy.
• Structural vacancy: the minimum level of vacancy inherent to the market, considered normal even in high-demand scenarios (generally between 5% and 10% in healthy markets).
• Cyclical vacancy: vacancy above the structural level, driven by economic cycles, oversupply, or a location’s decline.
• REITs (FIIs): monthly reports from Brazilian brick-and-mortar REITs (FIIs de tijolo) must disclose physical and financial vacancy per asset, as required by CVM Resolution 175/2022.

In Florianópolis, the vacancy rate varies significantly by segment. Seasonal rental properties in Jurerê Internacional show low vacancy in summer but can exceed 60% in winter, which calls for annualized revenue analysis. Corporate office space in Centro and Trindade has historically ranged between 12% and 20%.