Rethinking Real Estate: How Corporate Portfolios Are Evolving in South Africa

Amid seismic workplace shifts driven by the pandemic and technology, the landscape of corporate real estate in South Africa is being redrawn. A recent panel discussion hosted by Corenet Global and Cushman & Wakefield | BROLL explored how leading organisations are optimising their office portfolios and rethinking their strategies post-Covid.

Moderated by Jess Moyer of Cushman & Wakefield | BROLL, the session included insights from Nkosinathi Manzana (Standard Bank), Howard Rauff (Nedbank), and David Pierre-Eugene (Discovery). Moyer opened by revealing that 90% of major property owners surveyed had reduced their real estate footprint between March 2020 and March 2025, with a median reduction of 21%.

“The shift from in-office to remote, then hybrid, and now a return to office raises the question: Is this a linear progression or a cyclical one?” asked Moyer. “True optimisation isn’t just about shrinking—it’s about aligning space with function, cost, and strategy.”

Balancing Flexibility with Function

Standard Bank and Nedbank began consolidation before the pandemic, initially driven by cost. Now, priorities have evolved to include hybrid work models and dynamic space planning. “Real estate decisions now hinge on balancing flexibility with predictability,” noted Manzana, emphasising employee wellbeing as a strategic driver. Standard Bank has committed to implementing the WELL Building Standard across 15 sites.

Rauff explained that Nedbank’s emphasis on sustainability has improved not only its environmental performance but also employee experience. “Between 80% and 90% of our managed space is Green Star SA rated. It’s not just good for the planet—it makes our spaces more attractive.”

Discovery, meanwhile, is grappling with growth pressures amid evolving workplace demands. “Our challenge is not downsizing, but ensuring our real estate keeps pace with the expansion of Discovery Bank and Discovery Green,” said Pierre-Eugene.

The Strategic Role of the Office

The panel agreed that while hybrid models are here to stay, office spaces remain vital for innovation and culture. “Work is not a place, but what we do,” said Manzana. “The ideal workplace is one that supports that.”

Pierre-Eugene concluded, “Real estate is the third biggest cost after people and technology. We must constantly optimise while ensuring we don’t constrain growth.”

Looking Ahead

“Portfolio optimisation is not a one-time exercise but an ongoing strategy,” said Moyer in closing. “The real challenge is ensuring space delivers maximum value—through efficiency, sustainability, or experience.”

As businesses navigate the future, real estate decisions are no longer just about square metres—they're about impact.