Portfolio Small Shop Vacancy Calculator

Portfolio-level vacancy drives total re-tenanting exposure.

Total small shop SF

Current vacancy %

Target vacancy %

Rent PSF

TI PSF

Timeframe years

Annual re-tenanting cost

$1,381,250

SF to lease to reach target

42,500

Total cost over timeframe

$2,762,500

How the math works

SF to lease = total × (current − target). TI + LC (~half-year rent). Total / timeframe = annual cost.

850k × 5% = 42,500 SF to lease. $50 TI = $2.12M. LC $640k. $2.76M total over 2 yr = $1.38M/yr re-tenanting cost.

How to Use

Enter total small shop SF.
Enter current vacancy %.
Enter target vacancy %.
Enter rent PSF.
Enter TI PSF.
Enter timeframe years.
Read annual re-tenanting cost.

Frequently Asked Questions

Benchmark vacancy?

Healthy small shop center: 5-10% vacancy. Distressed: 15-25%+. Retail portfolio target: 7-8% average. Concentrations above 12% at single center signal problems. Portfolio averaging masks site-level issues — drill down to property level.

Re-tenanting cadence?

Natural turnover: 8-15% annually of SF (5-7 year avg lease). Plus rollover at expiration. Active re-tenanting cost: 15-25% of gross rent equivalent. Budget reserve accordingly or surprise cap hits appear year 2-3 of hold.

Operations impact?

Vacancy above benchmark requires staff uptick: active leasing agents, more marketing spend, deals done at concession-heavy terms. Total leasing opex 5-15% of gross rent depending on vacancy pressure. Critical efficiency driver for retail REITs.