For years, I’ve helped business owners wrestle with one of the biggest decisions they’ll ever face about their real estate: Should we buy our building or lease it?

At first glance, ownership might seem like the obvious winner — build equity, control your destiny, no landlord breathing down your neck. But like most things in commercial real estate, the decision isn’t black and white.

What many people don’t see right away are the hidden costs — financial, operational and emotional — that come with each option. Here’s what I’ve learned over the past four decades.

Opportunity cost

Buying a building — even through an SBA loan with just 10% down — still requires capital that could be deployed elsewhere. That down payment, along with closing costs, reserves, and possible improvements, can tot

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