Pretty much all the evidence (rather than anecdote) I can find shows that co-located teams in a single team room environment are the most productive - all other things being equal. (And I’m saying this as somebody who spends a lot of their time working from home, and talking to other folk over Skype, etc. There are reasons for telecommuting - personal preference, getting access to people who cannot co-locate, etc. But for business productivity I’m not seeing much, if any, evidence).
https://news.ycombinator.com/item?id=5145097