The principle advantages of cubicles:
Over offices...
- Less real estate per worker. In theory you get more return on your workspace lease/rent/mortgage expenses with cubicles than offices or WFH.
- Ambient signal (vs noise). You learn more about what else others in your area are doing through audio/visual leaks into your space. Easier to become known to neighbors.
- Togetherness (vs isolation). You're with others AND have your own space.
- Flexibility. Cubicles used to be fast/cheap/easy to reconfigure and rearrange. Less so now.
Over shared spaces...
- Lockable elements. You can secure work-in-progress and tools and confidential materials in drawers, cabinets, and cupboards.
- Visual privacy. You don't have others looking over your shoulder as much, even incidentally.
- Visual isolation. You don't have others intruding on your peripheral vision.
Personally, I prefer an office for headsdown concentration but cafe style workspaces are cool sometimes too for the interactions. And I've grown very used to working from home but miss the watercooler effects of a workplace.