Some of the most productive employees are ones that thrive
without micromanagement. If you let the good employees do their thing, they will thrive.
There are good folks in management positions, but also a lot of shitty ones too that shouldn't be in such positions.
That's kinda what the traditional office breeds. Idiots distracting you, the micromanaging types swinging by your office to see 'whats up', because they are the type A's which is not a personality type IMO but another version of ahole disorder.
The way I look at it, if productivity and quality of work is high, let them do it in a manner that works effectively. I have the ability to work from home and am in a regional management role, and it hasn't slowed down my productivity and quality of work one iota. But I got lucky, as my last position required 10 hour days, and an hour and 15 minute commute through heavy traffic. While I travel a lot, working from home has saved me a lot of money traveling (even with a Stipend). If anything, I make a profit off my Stipend.
Stress wise, what a relief.
That's another thing folks don't talk enough about... stress. Employees that have less stress will be more productive, and actually enjoy their work. If an office is toxic, that will kill productivity and morale. Something that working from home can mitigate.