All small businesses go through cycles where there are ups and downs. When the cycles are on an upswing more space may be needed and less when there are down swings.
I personally am a believer in owning the space where you run your business. I have seen a number of businesses run out of business with rent increases that were more than the capacity of business to afford.
I was passing a building where I know the owner and they have a huge for rent sign in the windows. They bought the building years ago when their business was thriving. Now I believe the building to be an albatross around their neck. The property taxes are now a huge drain, especially since the business is no longer thriving. They need only a small portion of the space they own.
I also know a business that has rented for decades. Now, if they bought property years ago they would own it outright by this time. That assets would be very valuable to the company.
I own my space and have purchased the suite next to mine for expansion purposes. More was available, but I was talked out of it because I did not have a need or use for it.
Taking on space will always be a difficult balancing act. Is it better to have too much or too little?
I am attempting to grow in a slow controlled environment. I want to learn from others mistakes and limit my risk of expansion and the possible contraction of my business. The same way I advise my clients to grow.