The reduction in a property’s value due to external circumstances (outside of the property’s boundaries), which may be caused by economic or locational factors; generally deemed to be incurable on the part of the owner, landlord, or tenants; also known as “economic obsolescence”.
Global Definitions Database
Locational Obsolescence
Source: NCREIF | Date: 05 September 2025 | ID: D1272 | Version: 1