I had a private office setup in one place. It was phenomenal and by far the best work environment (physical and otherwise) I've ever had.
The biggest problem was: we couldn't double the size of the team without it being a half-year leasing and construction project. So, we'd sawtooth among "far too much space and lots of pent-up hiring; a Goldilocks zone; out of space; hiring freeze; lease/construct offices; loop".
My office now is whatever I want to do with my house. That's also good for heads-down work (and obviously for the commute), but terrible for collaborative whiteboard design work.