Multiuser machines could get away with surprisingly little memory; They had some major advantages over home computers:

Users were all connected via CRT terminals over serial, so you didn't need to waste any memory on screen buffers. This also reduced CPU usage as the user wouldn't get any CPU time until they pressed a key, and the scheduler might queue up multiple key presses before even switching to the user's task (while still showing immediate feedback)

They also had superior IO. Home computers were connected to slow floppy drives (at best, some were still using tape) so they typically tried to keep the whole working set in memory. But multi-user machines had relatively fast hard drives and could afford to shuffle the working set in and out of memory as needed, with DMAs handling the actual transfer in the background.

As others have pointed out, these machines had bank switching. But I doubt such machines were ever configured with more than 256k of memory, with 128k being more typical. Wikipedia claims 32k was the absolute minimum, but with very little free memory, so I suspect 64k would be enough for smaller offices with 4-6 users.