One potential factor is the availability of land for development.

I do realize price might be the contributing factor. I

For example, A new factory, a new company headquarters, etc...

I do not factor vacancies ever, I manage myself and it is a non factor.   I

We meet every last Tuesday at the Old Spaghetti Factory at 630pm.

The vacancy factor is more pertinent in a multi-family or commercial multi-tenant property.

Most people seem to avoid the conversation about all the Real Estate risk takers that played the biggest part in the housing crisis.A few years before the bubble burst I was encountering real estate investors, house flippers, and buy-and-hold participants everywhere I went, my waitress at The Cheesecake Factory, the two McDonalds employees talking deals on their lunch break, the clerk at the grocery store, everyone everywhere appeared to be a real estate investor in one form or another getting a piece of the housing boom.The underlining problem I noticed was during the rush to get into the RE industry most of the people capitalizing in the industry never learned the basics of RE investing and were simply doing what their friends, neighbors, coworkers, or online postings told them to do to get a piece of the pie.

Tim Coppola the brand is not that important since most units come from the same factory.

And whether I lease or buy, the car factor is a very minor percentage of my income while it can be a big expense for most people.  

The Biggest Risk Factor is Overnight Risk or in counting on long term Appreciation with real estate.