It's been tried in the past, but it hasn't been that successful. Technology has come a long way in decreasing communication boundaries, but it won't replace (at least for the next 5-10 years) the latent need to have employees in office. It's not only about the work produced, but also the interactions between the team. Both Yahoo[1] and Reddit[2] have banned remote working.

[1] http://www.businessinsider.com/why-marissa-mayer-told-remote...

[2] http://venturebeat.com/2014/10/04/why-reddits-new-no-remote-...