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