Relocate Studio to Great Location & Tiny Space OR Huge Location & Bad Location?????

As it stands right now, my 700sq foot studio is located in the "boonies" of town. The "boonies" is also a very low income area for the most part. To increase sales, I have my dream location in mind, but am having a hard time finding a suitable locale with enough space. Although the spaces in my dream location are averaging about 1,200 sq. ft (500 more than my current space), I am also hoping to have a small waiting area and plenty of studio space. My dilemma is that I've seen a bigger (1500 sq ft) space with a waiting area in a less desirable neighborhood (similar to my current space, but closer to the middle of town rather than the boonies). This bigger space is a warehouse. I thought to myself, how awesome would it be to have this space with no walls (other than the waiting room), for me to work as I please without walls causing barriers with my ideas!

What to do? Use the great location but tinier space or use the bad location but "unlimited" workspace? And yes, the dream location is much pricier for a 1200 sq ft place compared to the warehouse.

Thanks for sharing any suggestions!