Lowering the cost of occupancy is key. The number one way to do this is to follow the 3R's. Right-Size, Renegotiate, and Relocate. Finding out if you have the correct amount of space, for the right amount of time can be beneficial. If it's in the cards to relocate, finding areas with lower rents, lower cost of living, better tax incentives with keeping a good talent pool for hiring. It seems like a Goldilocks situation, but if it can be done, it can vastly increase your bottom line.

That's the million dollar question. The answer is, "it depends". It all depends on the needs of your company and team. It doesn't mean you have to move across the country.
Moving across town might be your best solution. Looking into a location that has lower rents or tax incentives can be beneficial.
Finding areas with lower costs of living or a better talent pool can be the difference maker in the hiring process.
Getting out of big cities into a less densely populated area can be a win-win for your company and the location you chose by brining more jobs, increasing cashflow to existing businesses and creating new opportunities for the area to grow.