Ask HN: My startup is going remote-only. Is this a giant red flag?

My startup company, located in a major city, is going remote-only. Meaning, we are currently in a shared office space, but some time in the coming months, we will no longer have that space and will be a remote-only org. A variety of reasons were given for this decision, including the fact that we already have a bunch of remote workers. Has your startup successfully transitioned to be remote-only or is this a flag I should start looking for other jobs?