functional obsolescence
- A situation where an item or property no longer meets the required standards due to outdated design, insufficient space, or inadequate equipment
- The old factory suffered from functional obsolescence, as it lacked the necessary space and modern equipment.
- One of the major challenges real estate developers face is dealing with properties that have functional obsolescence.
- The appraisal revealed that the functional obsolescence of the building decreased its market value.
Provide Feedback
