The glossary of statistical terms, published by the Organisation for Economic Co-operation and Development (OECD), defines unforeseen obsolescence or abnormal obsolescence as: ‘…the loss in value on an asset due to a fall in demand for that type of asset that could not have been foreseen when the asset was acquired. Unforeseen obsolescence may occur because of a new invention or discovery which destroys the market for the asset or because a shift in relative prices makes it uneconomical to continue using the asset."
See also: Abnormal obsolescence.
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 About CIRCuIT
The Circular Economy wiki is supported by the Circular Construction in Regenerative Cities (CIRCuIT) project, which is funded by the European Union's Horizon 2020 research and innovation programme. CIRCuIT is a collaborative project involving 31 ambitious partners across the entire built environment chain in Copenhagen, Hamburg, Helsinki Region and Greater London. Through a series of demonstrations, case studies, events and dissemination activities, the project will showcase how circular construction practices can be scaled and replicated across Europe to enable sustainable building in cities and the transition to a circular economy on a wider scale.