Physical Obsolescence

Physical obsolescence refers to the decline in value or usefulness of a property or item due to physical wear and tear over time. This can occur because of age, damage, or outdated features that no longer meet modern standards or preferences. For instance, a building may become less desirable if its infrastructure is deteriorating or if new construction techniques make it less efficient. Essentially, as things physically deteriorate or become outdated, they lose their appeal and market value.