obsolescence

:  a loss in the utility or value of property that results over time from intrinsic limitations (as outmoded facilities) or external circumstances Editor's 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 \ˈfəŋk-shə-nəl-\ :  obsolescence deriving from a lack of adequate or appropriate equipment, space, or design