Sooner or later, every business has to consider whether it is better off owning or leasing office space. From law firms to retailers to yoga studios, the decision varies. But here are some elements that most small businesses take into account.

The cash outlay factor: Generally, you don't need to put out as much money upfront when you lease as you do when you buy. A quick example: A real-estate agent is looking to sell a $500,000 commercial property. Someone leasing…