Cost issues aside, I've always maintained that the absolute best experience is a hybrid/flexible schedule and location policy. I'm currently full time remote (I'm on the East Coast working for a West Coast company). My previous company had its main office in my current city, but allowed a super flexible choose-where-you-work-from policy. It was the best.
Didn't feel like dealing with the commute or had a ton of heads down work to do? Stay at home. Wanted to go in to be present for meetings? Easy. Start the day at the office and go home to finish off the day and avoid the commute? Sure.
Of course they made it possible by actively managing it. No meetings before 11am ET (to accomodate those in different TZs). Every scheduled meeting required a Zoom/conference link. Dedicated offices were set up as "conference rooms" so remote people could call in. And of course, people all the way up the ladder worked from home at least some of the time.
Being full remote doesn't work for everyone. Providing a space for those who want it is such a huge quality of life bonus imo. But the biggest factor is creating a culture of inclusion, despite your employees working preferences. This is the hardest thing to do, especially at scale.