Only LAND held for undetermined future use will fall under investment property. IAS 40 believes that buildings can not be held for undetermined future use. Usually, the future use of a building is known. It is incorrect to classify all assets other than IP under IAS 40 to be falling under IAS 16 (condominium/high rise).
For example: A property that is held for sale in the ordinary course of business (E.g. Buildings - Condominium/High rise) are inventory under IAS 2.