Firm Office - Own or Rent?

Clients won't talk to me until we're closer to 9/15... SO - Do you rent your office space or did you buy/build?

Our office has been in the same spot for a few decades leasing the same space. Good location with ample parking where that's a scarce resource. The building we're in will be on the market in the next year or so and I'm contemplating purchasing the building.

We have enough space in our suite for 8 CPAs and 2 support so our growth is capped there and I don't like that thought. Realistically we'll be lucky to keep close to 10 folks given the shift in this field BUT maybe I figure out the secret to retention, lol.

On one hand I'm worried with all the re-development going on we'd lose our space with the next owner but also with all the remote work options now my team doesn't HAVE to be here. The building is about 30% empty right now since a lot of professionals were able to go remote and only a few came back, could be more difficult in the future to fill vacant offices but this is a high demand area. Building needs some major updating in the visual sense.

We own the unit (through a separate entity that rents to the operating company).

My prior firm was adamant they rent their space. Over the years, many partners disagreed with that approach, but it allowed them the flexibility to move when it made sense to move and not have anyone disagree because of the real estate issue. I always thought that was a great approach to have as it allowed the firm to focus on what best served the firm and not have to navigate the real estate dynamics along the way.
They grew from about 30 staff to well over 100 in about 15yrs. I highly doubt that would have happened had they owned real estate.
I rent my current space and have far more space than I need, but am locked into a long term lease. it's not ideal

I've been renting the same space for 18 years - just four miles down the road from my house, which was the main selling point. Have more space than what I need, but I was able for about 14 of the 18 years I've been able to lease out the back of the office (last tenant moved out two years ago, and now the back is being used to store all the crap for my mom and my in-laws). Landlord has only increased the rent around 1% the last two renewals - they like me as I pay the rent on the first of every month and never complain.

Looked at buying a condo that's located right in front of my office next door to a client, but it wouldn't have worked for the tenant that I had at the time. Looking back, it's best that I didn't buy it as two of the owners (not our client) hate each other and I guess are always causing problems with paying common expenses (parking lot, trash, water/sewer). I'd still like to buy a place, but at my age (55) not sure I want to mess with moving. I've been here so long, and it's in a busy area, that I really don't want to have to move and deal with all of the stuff associated with moving.

Depends how hardcore lease negotiations are. I know CPAs that retired because the rent got too high but they were so close to retirement it didn’t make sense to buy. Are you still going to be practicing 20 years out? Then yes, otherwise rent.

Also, you have to offer remote to retain these days. So you need less office space. If I were you, I’d just rent, but you know your situation best. If you have to borrow, consider interest rate. Plus tying up all your money if you get long Covid and can’t think straight.