Depends on your team size and needs. If it's just a few people, investing in coworking memberships or coffee shop gift cards could work well to provide a change of scenery and boost productivity. But once you reach a certain size, a dedicated office helps with collaboration, culture, and work-life separation. Maybe start with a smaller office and scale up as you grow?
A dedicated office space may not be necessary, but giving people some budget to go out and work outside would impact productivity a lot. IMHO, most people perform better when they work at a coffee house for at least a couple hours.