An emerging trend is seeing more home buyers turning warehouses and other commercial buildings into unique residences that offer both historic charm and modern conveniences. The conversions also often afford the owners a spacious urban location and lifestyle, particularly in San Francisco, Chicago, and other cities where this kind of space is rare. 

Parking garages are popular targets for condo conversions in New York City, for example. 

While such projects are costly, and the process is challenging from the construction perspective, the owners are rewarded with a residence that is full of character. They also give a boost to broader urban revitalization efforts because, according to David Fleming, head of the urban revitalization group REV Birmingham, individuals who tackle these projects "set the stage for larger developers."

Source: The Wall Street Journal