I’ve gone the home office route. You can’t beat the commute.
For a few years, I rented space in an old high school that was being turned into an arts center. You had to agree to do some teaching, etc. in exchange for low rent. It was a neat atmosphere, and I was able to collaborate on some film projects with artists “down the hall.” But long hours in the editing room persuaded me to go back to the home studio.
Do you need the additional space? Will the benefits of a studio generate enough profit to offset the added cost of rent, utilities, insurance, commuting? If you took two years’ rent money and applied it to your home office (or a better kit, etc.), could you make that space good enough to compete with the outside office?