cubicles were a step down from individual offices, and was the manifestation of commoditization of the software engineering. The transition from cubicles to open offices was the part of that process going even further. Basically blue collar workers of 196x on a large factory floor.
One would think that we've reached the peak of bad offices ... Well, i think some form of vertically stacked option is coming in the mid-term. In the short-term i think the next thing is the "cloud" style approach where no office desk is assigned permanently and coming into office you'd have to [find and]schedule a desk for yourself. That would allow to cut office space even more.