economic obsolescence

noun | \ ˌäb-sə-ˈles-ᵊns \ | ob·so·les·cence

1. : a loss in the utility or value of property that results over time from intrinsic limitations (as outmoded facilities) or external circumstances

   Note: Obsolescence is usually distinguished from depreciation and physical deterioration.

   — economic obsolescence
   : obsolescence that results from external factors (as location) that render a property obsolete, no longer competitive, unattractive to purchasers or investors, or of decreasing usefulness claimed that the appraisal failed to account for economic obsolescence resulting from an adjacent waste facility

   — functional obsolescence
   : obsolescence deriving from a lack of adequate or appropriate equipment, space, or design