As background, for over a decade, SBA financing has been available for small business people to use purchasing buildings to occupy.  We have observed the market for owner occupied buildings increase in value far beyond any other type of real estate. 

Many years ago I created a financial model that compared owning a building with a low down payment to leasing the same property.  I wondered how much more expensive in the first few years it would be to own rather than lease a location for a business.  It was like putting my finger in a light socket.  To say I was shocked is an understatement.  Throughout the past decade, it has been cheaper on an after tax basis to own.  6 to 24 months ago it was even more compelling as interest rates were at an all-time low.  Today they are about 1.5% or more above the low water mark, but guess what?  It is still cheaper and we have the financial model to prove it.  That is not to say that every business is a candidate to own because they are not.  Business that are getting 15 to 20% or more return on their invested capital should lease.  Companies that cannot predict their future size within 25% should lease.  A company with dynamic growth will be constrained by building ownership.  Far too often we have seen those companies shaping the business to the real estate, when the business should be free to grow unimpeded and the real estate should support the enterprise.