If a company believes it will gain more from “saving money” on open plan offices or hot desking than it will from just paying more to facilitate more and better work from employees through buying the best tools (a private office is a tool like a keyboard or ergonomic chair), it’s self-evidently a company to get far, far away from.
Consider “flex keyboards.” Management realizes that not all keyboards are in use all day, because people are in meetings, at lunch, etc.
So nobody gets their own keyboard. You have to locate an unused keyboard at the times when you need to type.
This is no different than “flex desks.” In both cases (keyboards, desks), the unit cost of providing the dedicated resource to the employee is trivial compared to far more pressing concerns, like producing working software to increase revenue, or bullshit executive compensation.
Even real estate costs for private offices in dense urban areas are trivial by comparison.