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While I recognize and enjoy the benefits of staying one or two days max at home, I don't think the office is coming to its end tho'. In a world that gets more and more complex and fast paced, I think it is useful to go to the office, that is where the business breath, communication takes place and trust is built.
Teleworking is good for outsourcing work that may not be very relevant to the business, but the core? I don't thnk so.
Nothing replaces face to face communication. It's very hard to build trust via skype.
The watercooler is also useful.