The condos notion came into practice when little residential flats were offered on rent for smaller families instead of large assumptions. This idea of shared utilities and partial ownership shortly got popular as vacation homes.
The idea makes it possible for low-income classes to acquire a small portion of the costly property and enjoy condo’s benefits.
This saved the investors from paying recurring leasing which served no advantages whatsoever; neither possession nor tax-rebate, and allowed them a chance to own a house at their preferred holiday destination where they could spend their holiday.
The same concept has recently been implemented in commercial world also where one office building is broken up into multiple condos with shared utilities and offered to people at rather lower costs than they'd otherwise have to pay for.
Herein all the owners have complete control over their office area and contains shared rights on other utilities or possessions like parking area, corridor, lobby, bathrooms, garden, etc.. It works in precisely the same way as it does in common residential condos and all of the common rules are put through mutual agreement or by elected body.
In the year 1990 many builders had spent huge money in building big company premises to provide for office requirements of technologies industry that was booming then. But the bubble burst earlier unexpectedly and the majority of these assumptions were left unoccupied and builders in significant financial catastrophe.
The alternative they were left with was to sell it in pieces to small buyers as opposed to keep waiting for wholesale. This is where condominium concept geared up in the industrial world.