NEDBANK has cut the amount of office space it utilises across South Africa and the rest of the SADC (Southern African Development Community) region by more than half since 2016 as it moves to ‘consolidate’ and ‘standardise’ its own buildings.
In all, its corporate real estate floor space has reduced from 381 000m² in 2016 to just 180 000m² at the end of June.
Due to the group’s space reductions across its offices and – importantly – branches, it incurred the same total cost of occupancy in the first six months of this year as it did in the same period five years ago. This is despite rental and administrative price increases as well as depreciation. – moneyweb.co.za