If railways are upgraded, they are locations for the most cost effective logistics centers in a country with a large percentage of its population far enough inland, such as Pakistan.
Railway land, especially near the station can also be prime land for hotels. Many people arrive at Lahore airport and trying to connect to another city can stay at a hotel at th train station and catch the next train to their destination, especially in a country where people are price conscious and connecting flights are hard to come by.
As an intermodal hub, railway stations, with the right investment, can double as bus terminals, and capture more of the hotel, office space market.
Foreign visitors, from many countries, also like railway stations as these areas are in prominent areas of a city, large landmarks, generally have good security, and have good connections to amenities and the nearby airports.
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