[m0llusk]

There are important exceptions to this. Old industrial era commercial buildings often have large spaces and big windows that make them relatively easy to convert. This is why lofts as a form make sense while also being desirable. Much of the cost of converted units comes from the high cost of acquiring the property, but that is less of a problem if the properties lose their value or are possessed by the government. And it is worth remembering that all properties are depreciating assets that get rebuilt or refurbished every 15-45 years or so on average anyway.