Obsolescence

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obsolescence

[‚äb·sə′les·əns]
(engineering)
Decreasing value of functional and physical assets or value of a product or facility from technological changes rather than deterioration.

Obsolescence

A loss in value due to a decrease in the usefulness of property caused by decay, changes in technology, people’s behavioral patterns and tastes, or environmental changes. Items or buildings that become out of date or practice and fall into disuse; also impairment of a building resulting from a change in the design or from external influences which tend to make the property less desirable for continued use.
References in periodicals archive ?
Experienced purchasers will often make a deduction on a contingency basis of some percentage of the value indicated net of deductions for superadequacies, baseline depreciation, and special incurable functional obsolescence.
Another potential cause of overall obsolescence may pertain to the relationship of a specific building or improvement to the overall layout of a multi-improvement facility.
Overall obsolescence can result from many factors that do not readily fit into any of the other categories.
The great difficulty with current thinking about the criteria for measuring external obsolescence is lack of data or its imperfections.
These are circumstances in which no sales or rental data exists to support the presence of external obsolescence.