Impairment of desirability or useful
life or loss in the use and value of
property arising from economic forces
outside the building or property. Economic
obsolescence can result from changes in
optimum land use, altered economic
circumstances within the community, e.g.,
loss of a major employer, legislative
enactments that restrict or impair property
rights, or other changes affecting
supply/demand relationships.
Economic obsolescence should be
distinguished from locational obsolescence
which refers to localized factors adjacent
to the property that impact that property.
Economic obsolescence involves broader
economic issues within the overall area that
affect properties. These forms of
obsolescence are grouped by appraisers under
the general category of external
obsolescence.
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