It's a bit like the discussions you read around cloud provider costs vs. doing things in-house (or whatever). There are a lot of overheads associated with a big company doing peripheral tasks in-house.
For example, to your point, that 50 person satellite office probably needs a full-time office manager and then all the costs that percolate upstream associated with having a full-time office manager and another lease to manage/office to service.
It may be worth it to have your own location with your own branding etc. Or you may just want a location where a bunch of employees can work, have meetings with customers/partners, etc. with minimal hassle.
For example, to your point, that 50 person satellite office probably needs a full-time office manager and then all the costs that percolate upstream associated with having a full-time office manager and another lease to manage/office to service.
It may be worth it to have your own location with your own branding etc. Or you may just want a location where a bunch of employees can work, have meetings with customers/partners, etc. with minimal hassle.