Personally I don't think I'll ever have an office outside of my home the prices for commercial space is obscene and there's also some nice tax benefits from working at home. That might not be true in the U.S. though.

Having said that, if I start shooting content I may need some sort of small studio. As my house and my condo don't really have the space for that I guess I would need to look for something commercial. I could see myself doing what my partner did when he was a photographer in NY -- buy a loft and live/work out of that.