Brick and mortar office - lease or buy?

[Jerry Hsieh]

I am looking to open a second location of my brick and mortar business in the San Francisco Bay Area.  I obviously intend on staying put for a long while, so am debating between obtaining a lease or purchasing a space.  An owner occupied property can qualify for good financing terms, and Chase has a healthcare loan where I'd only need to put down 10% for a purchase + construction (given that the appraisal is high enough).  Alternatively, I can lease the property and obtain a construction loan (much shorter term than a purchase of a building).  I have enough cash onhand that working capital isn't a factor.

If rent payments were equivalent to the mortgage payment, which would you consider for a second brick and mortar business?