I suspect the choice to build new may be due to remodeling costs that exceed new construction costs. Abatement of asbestos and lead paint along with bringing el

I suspect the choice to build new may be due to remodeling costs that exceed new construction costs. Abatement of asbestos and lead paint along with bringing electrical, etc up to code is expensive. This may be a case where regulation results in government failure by constraining economic development opportunities. Anyone have any experience bringing a multi-hundred year old industrial facility up to office space code?