Comment by bluGill

That depends - how long will the location be a great location for that business? You really need an good accountant and a reliable psychic to figure this out, an accountant can figure out how tax code, laws, and other details apply - while the psychic can tell you how the tax code, fads, and your life will change in the future. (I don't believe a reliable psychic exists - but you still need one to figure out the correct answer)

If you will be there for decades it is worth owning. The land can be paid off and still working for you. Likewise the building is depreciated and paid for (check with an accountant!), but you are still there using it - you still need to remodel and maintain it though. You pay more upfront, but long term it is a better investment.

However many businesses are fad - they do well for a few years and then people move on to the next fad and you should close up. If you only need the real estate for a couple years you should rent/lease: you won't see a payoff from the upfront costs, and you are stuck with the real estate while trying to sell it.