Wouldn't it be great if it was that simple? Unfortunately it just isn't. I've seen cases where conversion to condo's works and I've see cases where it does not work. In today's market, I would find it hard to believe there is justification for the time and expense of the process.
Bottom line ... it will all depends on the specifics of your market. What are vacancies like? What does it cost to build new? What are rents doing? What about new competition? etc. etc.
Two good resources ... a real estate professional/commercial broker and/or a commercial appraiser.
Jan 16, 2009