i would have liked it if you stepped a little more to the right so you could read the sign. and maybe play with the colours a bit to get more contrast. i like the shot.
I have a really simple philosophy. If colour plays no role in a photo I opt for black and white. Usually this means there's nothing really colourful or the colour is there but is highly distracting from the subject or point of a photo.
In this case I think the colour is important because it shows the building and fence are rusting. You lose that in B&W. So I prefer colour.