No, it's definitely about the money.
The cost savings 'per person' are quite a lot, and that's hard dollars on the spreadsheet.
'Productivity' is a very difficult thing to quantify.
In that business case, the 'hard measure' almost always wins.
Business runs on decisions like that, not on intuition, it takes somebody with a lot of power to override or make a bet on something that's going to 'cost the company money' according to the accountants.
Square footage is expensive, so are cubes, and especially offices ... when your VP Ops is running around, he's trying to get a sweet and cool location ... 'hey we can get this sweet studio for $x/sq foot' in SOMA two books from Caltrain station ... or we can work in the burbs of Oakland ...
Sadly, it's mostly a cost decision.
We didn't have permanent desks because they were more expensive, and my boss explicitly said so. He also refused to pay for peripherals or for stationary. I'm ideologically opposed to spending my hard earned money on things for work, so I just used loose copier paper and a Macbook with no external monitor, keyboard, or mouse. Not my problem that my productivity was negatively affected.
Some employers really fail to see the bigger picture on these things. Refusing to spend a few dollars on notebooks for me to write in resulted in my notes being scattered all over the place and lost (I'm a big fan of pen and paper). Refusing to pay for a monitor just resulted in me being stuck using a tiny 13" screen. Apparently when I was hired the CEO asked my manager if I would be able to work with an iPad instead of him having to pay for a Macbook Pro. It's really not an attitude conducive to employee moral, I never felt valued in the company, because I was made to feel like a cost, rather than an asset.
Here's the answer: you can measure the savings over cubicles, and you can't measure the reduced productivity.
You're now sitting at a table, with someone sitting right next to you and their arms are literally inches away from yours), and you have someone sitting right next to you on the other side, just as close. You have someone sitting across from you, and you are constantly fighting for foot space underneath the table.
The table is just wide enough for your computer and your monitor, and you have no place to hang any paper or reference material. You do not have space for a second monitor. You don't have space for a pad of paper next to your keyboard. You don't even have space for your coffee cup where there isn't a high risk that it will get knocked over and spill all over the electronic devices you're using.
You have literally three feet width of table space, and maybe two feet depth. You've got a chair, and you can roll it back far enough to get into it and slide your legs under the table, but if you try to roll it back any further than that then you will hit your neighbor behind you.
That is an open office. Welcome to my world.