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This is the percentage of a property company's rentable space which is vacant. It is a key statistic in the assessment of real estate investment trusts (REIT) and property companies. It is especially important to see whether the vacancy rate is improving or getting worse. For example, Liberty 2 Degrees (L2D) had a vacancy rate of 1,8% in November 2019 compared to a national average of 4,3% and Growthpoint's 3,9% - which shows that it is an exceptionally well-managed property company with a very high-quality portfolio.