economic obsolescence

Definition of "economic obsolescence"
  1. A decrease in the attractiveness, competitiveness, or usefulness of a property due to external factors such as its location
How to use "economic obsolescence" in a sentence
  1. The factory experienced economic obsolescence after the construction of a new highway diverted traffic away from its location.
  2. The office building began to suffer from economic obsolescence when businesses in the area started relocating.
  3. A decline in neighborhood safety can lead to economic obsolescence of the houses in the area.

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