Of course, neither of us nor the company really has hard knowledge of what is "more efficient", because despite being entirely driven by profit metrics and A/B testing there is still no real way to measure productivity for knowledge workers. And even if there was, employee misery wouldn't be part of the metric unless it measurably affected retention.
Thinking about it, why stop there? Negative desking is the future. A team of 15 could have -15 desks (or less, if they are high performers). Super efficient.
One other potential advantage with hot-desking is that you can have different zones with different rules. Working on a project where you need to talk with your colleague a lot during the day, sit in the 'talking' zone. Need to be left alone in silence for 8 hours straight, move to the 'quite' zone.