Which of the following best describes economic obsolescence?

Economic obsolescence is primarily characterized by a loss of value that is attributable to external factors that are beyond the property owner's control. This can include changes in the economy, shifts in market demand, external conditions such as declining neighborhood conditions, or new regulations that impact property desirability. It differs from other forms of depreciation, such as physical deterioration, which is related to wear and tear on the property itself, and functional obsolescence, which pertains to issues within the property’s design or layout that make it less desirable. Therefore, the best definition of economic obsolescence is the loss of value due to economic factors outside the property's control, as this captures its essence accurately and distinguishes it from other types of depreciation.