What is an ideal vacancy rate??

[Alain Perez-Majul]

Wanted to see what everyone thought about this. What is a healthy and ideal vacancy rate? There's a fine line between too low and uncomfortably high; if it's too low, you're more than likely leasing for under-market amounts, and if it's too high, you might be too overpriced. I've heard a high single digit vacancy rate is right on the money. Thoughts?