There is a difference between economic and physically obsolete buildings when it comes to investment property performance.
Both factors should be tracked by the landlord or property manager so the property strategies and decisions related to change are well considered before the income dramatically falls away and vacancy factors escalate.
Depending on the status and age of the property there are alternatives to take in each case such as renovation, redevelopment, disposal, changes to tenancy mix, or changes to building usage.
A property business planning process will help to keep you on track when it comes to monitoring the problem.
The business plan can be addressing current and expected income and expenditure levels for the property.
From that process you can see when you are not achieving industry standards when it comes to the property income and expense projections.
Strategy is everything when it comes to property performance.
Planning property and tenancy mix changes two or three years in advance will help you stay on top of the problem.
This is what they do in the larger shopping centres and malls.
Here are some definitions of the problem:

1. Economically obsolete buildings are those that should now or soon be something else.
   That can happen when the property zoning or regional demographic has changed.
   The original use of the building is no longer relevant.
   Property usage should change to provide continued or better income opportunity from the rents for the landlord.
   
2. Building outgoings can escalate because of older plant and machinery in a property.
   The choice then has to be made between operational controls on the plant to reduce cost or new machinery that can operate more efficiently.
   
3. Physically obsolete buildings are those that cannot offer what the tenants in the market demand.
   Technology today is doing that to many properties.
   Tenants are looking for the technology in a building that saves them money and gives advanced levels of comfort in the property they occupy.
   That will be in air conditioning, security, lift operation, access, car parking, and energy consumption costs.
   

So when it comes to handling the issue, landlords and property managers should be fully aware of the expected property performance criteria and averages for a property of each and every separate type in the local area; that will be by income and expenditure on an area basis ($'s per unit of measurement).
Many properties in the local area will be comparable to your property.
On that basis you can compare the costs and income on a unit area performance basis.
You will soon know when you are getting outside of the averages; hence allowing you to make property performance adjustments.
The operational costs for a building will tell you how you compare to other properties.
Importantly the retail or commercial property manager can and should stay on top of the challenge through a shift in property performance systems and budgets.
You are in effect monitoring the risk that the property generates.