Once you have decided to search for a commercial space for your company, you are faced with the difficult decision of whether you should lease or buy the space. Each option has its benefits and its drawbacks, and you will need to weigh them effectively to arrive at a decision that suits you best.

Leasing

You might consider leasing a commercial space if:

Your business is unstable. If you are not sure of your company’s needs, it might be better to lease until you are in a stable situation.
You are not ready to own- owning a property comes with a lot of responsibilities and problems. You might choose to lease and focus your energy on your business.
Lack of capital. Owning a commercial space requires a lot of money, and if you are short, leasing might be the best option.

Drawbacks

While leasing may seem ideal in such situations, you should also consider these options before making a choice:

Renewal. The landlord can choose not to renew the lease which can force you to relocate and incur more costs this way.
Renovations. Find out whether you have the authority to renovate the space to your needs or whether your options are limited.
Operational Expenses. Knowing who pays for taxes, security, insurance, and utilities will help decide whether leasing is the best option for you.

Buying 

You can choose to buy the space under these circumstances;

Leasing gets expensive. It might be more prudent to buy if the leasing costs get too high.
You want to build equity. Owning the space gives you the freedom to built-up equity that can be used as leverage when you want to expand.
You want more freedom. If you want to have more control over your space and want to be free from landlord woes, then buying a commercial space is the best option for you.

Drawbacks

The downsides to buying your own space include: 

Rising interest rates. Rising rates lead to higher costs that you may not be able to deal with at the moment.
Maintenance costs. When you own a building, you are responsible for all the maintenance, repairs, and taxes. Before buying, decide whether you will have enough funds for the upkeep.
Lack of flexibility. Buying a new property limits your ability to grow as you might have to lease or buy a new space if your business outgrows the current space.

When it comes down to it, the decision rests on you. Consider all the benefits and drawbacks of each situation before choosing to ensure you choose what is right for you and your business.