Environmental Obsolescence refers to a form of depreciation in property value due to external, environmental factors that negatively impact its desirability and usability.
External obsolescence, also known as economic obsolescence, refers to the depreciation in the value of a property due to external factors beyond the property owner's control, such as changes in the neighborhood, economic conditions, or local regulations.
Locational Obsolescence, also known as Economic Obsolescence, refers to the depreciation or loss in property value due to external factors related to its location, which are beyond the control of property owners.
