Vacancy bps? What is this?

[Carlos M Riquinha]

Hey all, I am a neophyte and new to BP. In some research recently, I have noticed a measurement of bps as it pertains to Vacancy. What is this? Thanks

[Bob Daniels]

Bps stands for basis points.  It is defined as 1/100 of 1%.  So if average vacancy rates are 6%, and increase by 50 bps, then the new vacancy rate is 6.5%.

The term is also often used when talking about interest rates on mortgages.