Nedbank, under the leadership of South African banker Jason Quinn, has drastically reduced its office space across South Africa and the SADC region.
Since 2016, the bank has cut its corporate real estate floor space from 381,000mē to just 180,000mē by June 2024. This strategic move aims to consolidate and standardise its buildings as the bank adapts to a hybrid work model.
Despite rental and administrative cost increases, the total cost of occupancy remained almost unchanged, at R1.095 billion ($684,375) in the first half of 2024 compared to R1.091 billion ($681,875) in 2019.
This is largely due to the bank's effective space reduction strategy, which has seen a decrease of 201,000mē in office space over seven and a half years.
