So when bosses realised they were throwing money away, they came up with the open office with flex-desks: no-one has a fixed place, you can sit whereever you want. And there are less desks than people.
That can work out quite well (I work in such an office) but it depends greatly on ehtics or rules: no TVs with soccer games, no speaker-phone (but only headset) and rooms available for discussions or phone calls. And there is a general area (quite large) where you can drink your coffee and discuss the soccer matches or Tour de France results...
For me it works, but I can imagine that without the requirements listed above it can be a cumbersome workenvironment.