A New Boost for Madrid’s Financial Heart
Madrid’s traditional financial hub, AZCA, is set to undergo a major transformation to strengthen its position as the capital’s economic and strategic epicentre. Amid a wave of new projects and openings, the City Council has unveiled an ambitious agenda to make Madrid a more competitive, sustainable, and investment-friendly city.
At the core of this initiative is “AZCA 2.0,” a comprehensive redevelopment of nearly 80,000 square meters. The plan envisions a modernized, safe, and vibrant district featuring green spaces, public gathering areas, and state-of-the-art infrastructure designed to meet 21st-century challenges. Construction is expected to begin in 2026, marking a turning point in the evolution of Madrid’s financial landscape.
A key milestone in this transformation was the November 2024 agreement between the Madrid City Council, businesses, residents, and local retailers, formalized at the Palacio de Cibeles. This agreement underscores a shared commitment to revitalizing AZCA, increasing biodiversity, and making it a more attractive destination for companies and professionals looking to establish a presence in the capital.
Between Skyscrapers and Green Spaces: AZCA’s Transformation
Strategically located along Paseo de la Castellana, near the iconic Santiago Bernabéu Stadium, AZCA has long been one of Madrid’s most important financial centres. Designed in the 1970s to position Madrid at the forefront of European business, the district is home to landmark office buildings such as Torre Picasso, Torre Europa, Torre Titania, and the former BBVA headquarters. Additionally, major commercial establishments like El Corte Inglés highlight its continuous economic activity. However, as new business districts have emerged across the city, AZCA must now evolve to meet today’s demands and future opportunities.
Every day, nearly 100,000 people move through AZCA for work, shopping, and leisure, including approximately 50,000 employees and 2,000 permanent residents. The district also houses Madrid’s third-largest multimodal transport hub, seamlessly connecting the metro with commuter rail networks across the region. Given this high level of activity, modernizing its infrastructure and public spaces has become a priority—not just to reinforce its economic role but also to enhance liveability and sustainability.
This transformation is not merely cosmetic—it is a comprehensive overhaul designed to improve quality of life and user experience for both workers and residents. With the City Council controlling nearly 70% of the area, the redevelopment will include new pedestrian corridors, more green spaces, and enhanced sustainable mobility solutions to reduce the environmental impact of daily activity. Meanwhile, privately owned yet publicly accessible spaces will follow a hybrid model, strengthened through public-private collaboration.
The vision extends beyond office hours, aiming to establish AZCA as a dynamic, 24/7 hub with new spaces dedicated to leisure, dining, and cultural activities. Additionally, long-term management and maintenance will follow a public-private cooperation model, ensuring AZCA remains a clean, safe, and cutting-edge environment, incorporating advanced technology and high-quality services to boost business competitiveness and create new opportunities for social and recreational engagement.
Ultimately, AZCA’s renewal seeks to blend the energy of a major financial district with environmental and social responsibility, shaping a Madrid that is ready for the future.
Pioneering the Business Transformation
Even before the full-scale AZCA 2.0 project begins, several leading global firms have already reinforced their presence in the district, recognizing its strategic value. Accenture, a multinational leader in consulting and technology services, has expanded its headquarters at 85 Paseo de la Castellana, supporting the growth of its innovation and strategy teams. The company currently employs 8,000 professionals in Madrid.
EY, for its part, has announced the launch of EY Campus, an innovative, flexible workspace concept designed to enhance collaboration and adaptability. This “liquid real estate model” will accommodate over 5,000 employees and welcome 40,000 annual visitors, consolidating EY’s presence in Torre Titania and an adjacent building, totalling more than 33,000 square meters. This initiative aligns with the firm’s strategic plan, “EY Revolution” (2025-2027), which aims to prepare the company for global market challenges and reinforce an office environment that seamlessly integrates in-person work, client interactions, and professional collaboration.
In the tech sector, SAP has established its new Spanish and Southern European headquarters in AZCA. These offices will not only house the company’s regional leadership but will also serve as the home of SAP’s International Support Centre in Spain, making Madrid one of the key operational bases for the German multinational.
Similarly, Celonis, a European startup employing more than 500 people in Madrid, has reinforced its presence in AZCA, with plans to reach 1,000 employees in the near future. The company has become a leader in digital transformation, thanks in part to its diverse workforce—representing over 50 nationalities—and its commitment to innovation
Other companies are also expanding their presence in the area, reinforcing AZCA’s appeal as a thriving business hub. Cloudera, a cloud data solutions provider, has opened a new office to strengthen its relationships with nearly 100 Spanish clients. IBM has secured 10,500 square meters in the former Sollube building, while Globant, the Argentine-born software engineering firm listed on the New York Stock Exchange, has identified AZCA as a strategic location for its growth. Additionally, Ebury, a fintech specializing in international trade finance, has chosen a site near the Santiago Bernabéu Stadium for its largest global headquarters, positioning Madrid as a key base for its international expansion.
This diverse mix of multinational giants and high-growth startups highlights AZCA’s undeniable appeal and its growing role as a business and innovation powerhouse. As the AZCA 2.0 transformation takes shape, more global players and emerging firms are expected to seize the opportunity to establish themselves in the district, further enhancing Madrid’s reputation as a leading financial and innovation centre in Europe. With this ambitious project, Madrid is positioning itself for the future, ensuring AZCA becomes a model of urban transformation—combining economic strength, sustainability, and a renewed focus on quality of life. This marks a pivotal moment in the capital’s evolution, shaping the city’s growth for decades to come.
