An investment by a corporation into real estate that will be used for its own purposes should be evaluated, as mentioned in the text, on the same basis as any other capital investment. Put another way, is there an alternative use of funds that will generate a higher return? This way of thinking ignores the reality that land and a building, as opposed to a piece of equipment, usually appreciates in value over time. Therefore, any analysis comparing the costs of leasing vs. the costs of ownership might well understate the discounted value of the back-end profits on sale or refinance...IF THE PROPERTY APPRECIATES. On the other hand, there are millions of square feet of formerly owner-occupied warehouses in the Greater NY area with 12 foot clearances that are now abandoned because their usable height is obsolete - 30 feet is the current standard. What ideas do you have to give a realistic lease vs. buy analysis?