Where it isn't, set up shop in a smaller market that isn't the valley and have a separate office. Execs can split-time between the locations if necessary, but standing up an office in Houston, Austin, Atlanta, or wherever, and hiring another manager for that location can pay for itself quickly, considering wage-market discrepancy.
My office is in Mountain View, but I live in Annapolis, MD. We have an office in Georgetown, DC, that's about an hour away from me. I work from home, but have the convenience of the DC office in the event that I need to physically sign papers, get stationery, or whatever, and I fly out to MV for a week every couple of months, or every quarter.
Our company has a services division as well, that is mostly remote (though, remote in that scenario is generally on customer premises), and while sure, we have a need for office in some spots, we most of the time don't, so we oversubscribe desks and such. I think we have 6 desks in the Georgetown office for 20-something employees, and it's extremely rare that they're ever full.
There were articles that Google's employees in satellite offices were alienated due to perceived lack of power over decisions, power struggles with the mothership (Mountain View engineers would schedule meetings at a time that's convenient to them, forcing their foreign office to be online at ungodly hours), and project visibility.
