In the Northeast at least, there are a fair number of old brick mill buildings that have been renovated and have tech and other tenants. I worked in one in Nashua NH for a few years and there was an apartment complex just down the street in another former textile mill.

However, as someone else said, you don't renovate these kind of properties because it's cheaper than building a generic business park. You do it because you're willing to spend extra for something with history and character.