(Part II of IV) The first of this four-part series considered the differences between the unit principle of property appraisal and the summation principle of property appraisal. This second part describes and illustrates the generally accepted economic obsolescence measurement methods (with particular emphasis on the capitalization of income loss method). Introduction Valuation analysis (“analysts”) are often called on to value complex, special-purpose industrial and commercial property operating collectively as a single “unit” of property. Analysts typically apply the cost approach to value such special-purpose property. This discussion focuses on the identification and measurement of economic obsolescence within the application of…