We agree wholeheartedly with this comment by Sean Kane of Upwork:
“In fact, a practiced distributed team can be more effective than a co-located team because the need for physical presence becomes insignificant.”
We would argue that a distributed team can move faster than a co-located team. One of the primary reasons for that is that distributed teams can, because of asynchronous communication, be in constant dialogue with each other, whereas in most co-located teams communication happens in real-time, which by its nature is time consuming and you have to wait for everyone to be in the same space at the same time.