Physical Obsolescence
The reduction in a property’s value due to gross mismanagement and physical neglect resulting in deferred maintenance; however, physical deterioration in itself is not a form of obsolescence that is too costly to repair.
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The reduction in a property’s value due to gross mismanagement and physical neglect resulting in deferred maintenance; however, physical deterioration in itself is not a form of obsolescence that is too costly to repair.
Source: NCREIF | Date: 09 September 2025 | ID: D1354 | Version: 1