Out of date.

Indicates a loss of value occasioned by new developments that place the older property at a competitive disadvantage.

Involves a decrease in the value of an asset brought about by the development of new and more economical methods, processes, or machinery.

The loss of usefulness or worth of a product or facility as a result of the appearance of better or more economical products, methods, or facilities.

From the APICS Dictionary, Eighth Edition