I think two things happen, the first is that yes, the value is in fact growing aggressively each year. The second is that eventually, it will find some tenant t

I think two things happen, the first is that yes, the value is in fact growing aggressively each year. The second is that eventually, it will find some tenant that are willing to pay double, by choking everyone to eventually accept that rent is just now more expensive than ever. Once that happens you'll quickly recoup the time where it didn't rent.