A common arrangement is for a closely held corporation to rent its space from another corporation or LLC held by the same owner. This allows the asset to be protected from liability as well as simplifying accounting by splitting it into two businesses, the core business and the real-estate business. Tax-wise, it's a wash, if the income passes through to the same owners.

If the company is a pass through entity, I'm pretty sure this nets out to zero. I don't know how this nets out under a C corp.