I see working from home becoming more prevalent, but mainly out of flexibility as an incentive to attract talent, rather than companies scrapping HQs to save money (especially the large ones). Even people on WFH contracts will most likely be expected in the office 'X' number of days in a week.
It's a tricky dilema we are considering. As we have over 70 employees now and we based in Manchester and paying a fortune for city centre office space. We are probably working at around 80% of the productivity compared to being in the office, so cost wise it is still cheaper working from home than having an office. But that 80 is only going to drop, as you get disconnect from the company vision and the behaviours you want your staff to embrace etc....
I have no doubt some business will take this as an opportunity to minimize those required to come into the office daily, however, I think a number of them will realise there is a huge advantage to having a great office environment and maybe having people come in 2/3 days a week. Which I think is what we will move towards. Whether we keep the same office we have now (Free beer on tap, Coffee barista etc...) or move to something cheaper is another debate entirely.