Small companies are often under long leases. Our landlord was quite flexible and let us break the lease if we did the work to find a new tenant, but most wouldn't be.
And yes we are coming out ahead, by quite a lot.. offices aren't cheap even the tiny one we tried to use temporarily.. have now ditched that and gone totally remote.
It's situational.. the on that the papers all quoted that claimed workimg from home was less productive was based on about 200 data entry clerks in India. It doesn't really apply outside that business and the sample was so small you couldn't draw a conclusion anyway.
Meanwhile plenty of cases of productivity increasing (including ours) and they're situational too.
I think it'll come down to... Good companies can get the best out of workers wherever they are. If managers have issues with productivity they need to look in the mirror.