A flipped office would work the same way, knowledge work (the vast and blurry category most appropriate for remote work) happens from home offices and perhaps hyperlocal coworking spaces, while some meetings, workshops, and lighter work more easily done in a shared space, happens at the office.
Instead, competition in the office world shifted to aspects that were previously overlooked or unimportant: interior design, community, social vibe, digital experience layer, sustainability, network vs. single location, symbolic value, and activism.