The future of business districts in Madrid: Azca, Gran Vía and Barrio de Salamanca as strategic axes.
Madrid is not only the capital of Spain, but also one of the most important business hubs in Europe. In recent years, the city has undergone a radical transformation, placing itself on the radar of multinationals, startups, fintech’s and creative professionals. At the heart of this urban revolution are three strategic enclaves: Azca, Gran Vía and the Salamanca district, considered the main business districts in Madrid.
But what is so special about these areas? How have they evolved from their origins to become leading business hubs? And the most interesting thing: what does the future hold for them in an environment where work flexibility, digitalisation and internationalisation are the rules of the game?
Buckle up, because we are going to unravel this mystery with a tour of the history, current affairs and future of these key districts.
Madrid, the melting pot of opportunities: a look at our protagonists
Before diving into the nitty-gritty, let’s make the official introductions of our three main protagonists.
Azca: the financial and business heart that beats strongly
Imagine the “Manhattan in New York, La City in London or La Défense in Paris”. That’s Azca. Located in the Tetuán district, right on Paseo de la Castellana, this area is synonymous with imposing skyscrapers, exclusive restaurants, luxury shopping centres and an incessant coming and going of executives.
- Where is it? It is strategically located in the northern financial axis of Madrid, bordered by Paseo de la Castellana, Calle Orense, Avenida del General Perón and Calle Raimundo Fernández Villaverde. It is, without a doubt, one of the best-connected areas of the capital, with multiple metro lines (Nuevos Ministerios, Santiago Bernabéu), train, buses and availability of car parks.
- A bit of history: Azca, an acronym for “Mixed Compensation Association of Block A”, was born from an ambitious urban plan in the 60s and 70s to create a cutting-edge financial and business centre in Europe. The idea was to concentrate in the same space offices of large corporations, banks and services, following the model of the large European and American metropolis. Specifically, the architecture of the AZCA business centre is mainly inspired by the Rockefeller Center in New York. The project sought to replicate the model of a modern and functional financial centre, with an emphasis on the creation of large pedestrian areas on the surface, while vehicle traffic and parking were planned for the underground part. Iconic buildings such as the Picasso Tower or the Europa Tower emerged from this project, consolidating Azca as the main business district in Madrid.
- Growth in recent times: In recent decades, Azca has been able to reinvent itself. According to data from the new report by JLL and ProWorkSpaces, the stock has grown by an average of 12% per year since 2019 “The stock of flex offices in Madrid and Barcelona already exceeds 640,000 square meters”. Although it was already a benchmark, the demand for flexible and modern workspaces has propelled it to a new level. Large national and international corporations such as Google, PayPal, BBVA, Repsol, or top-level consulting firms such as Deloitte, continue to choose Azca for its prestige and excellent infrastructure. Recent data from real estate consultancies indicate that Azca continues to be the most dynamic prime office market in Madrid, with a net absorption that exceeds 60,000 m² per year in the last five years, and an investment that does not stop growing, attracting international funds such as the Blackrock Fund that has its headquarters in the Picasso Tower. Vacancy remains at historically low levels (around 5-7% for quality spaces), demonstrating its vitality. There’s no time for a nap here!
- Future of Azca: The future of Azca is linked to digitalization and sustainability. The new offices are designed with criteria of energy efficiency, flexibility of spaces and total connectivity. Azca will continue to be a magnet for multinationals seeking visibility, prestige and proximity to the economic core of Madrid. In 2026, work is expected to begin on the Azca 2.0 project, an 80,000 square metre refurbishment aimed at improving the quality of life and experience of those who work and live in this financial superblock.
Gran Vía: the cultural and leisure epicentre that becomes a business.
If Azca is the financial brain, Gran Vía is the heart that beats with the energy of Madrid. Known as the “Broadway of Madrid”, this bustling artery combines theatres, cinemas, shops, restaurants and, increasingly, innovative workspaces.
- Where is it? It crosses the centre of Madrid, connecting Calle de Alcalá with Plaza de España. Its central location makes it a magnet for locals and tourists, and its connectivity is unbeatable with several metro stations (Gran Vía, Callao, Plaza de España) and an endless number of bus lines.
- A bit of history: The construction of the Gran Vía, begun in 1910 and completed in the 30s, was a colossal work of engineering and urban planning. Its objective was to decongest the centre of Madrid and connect it with the northwest neighbourhoods. From its beginnings, it became a showcase for modernity and progress, housing the first department stores, sumptuous cinemas and emblematic buildings. Its art deco charm and cosmopolitan atmosphere made it legendary.
- Growth in recent times: What was once predominantly commercial and leisure, has now been transformed into a vibrant business district in Madrid for startups, tech companies, and creative professionals. The pedestrianisation of part of Gran Vía has further revitalised the area, attracting a young and dynamic public. The proliferation of Coworking and flexible offices has skyrocketed the demand for spaces.
- Future of Gran Vía: the future of Gran Vía is marked by the mixture of tradition and modernity. While it continues to be the street of entertainment and leisure, it will also be one of the preferred places for entrepreneurs and digital nomads looking for a multicultural, inspiring environment with great connectivity.
Salamanca district (Velázquez): prestige, exclusivity and elegance for success
The Barrio de Salamanca, and in particular the area of Velázquez and Serrano streets, are the epitome of luxury, distinction and glamour in Madrid. It is the place where tradition meets business modernity, offering an atmosphere of unparalleled sophistication.
- Where is it? It occupies a vast area to the east of Paseo de la Castellana, approximately limited by the streets Francisco Silvela, Príncipe de Vergara, Paseo de Recoletos and Calle Alcalá. Velázquez Street is one of its main arteries. Like the other two, it is exceptionally well connected to several metro stations (Velázquez, Serrano, Goya, Núñez de Balboa) and numerous bus lines.
- A bit of history: The Barrio de Salamanca was designed in the 19th century by the Marquis of Salamanca as a luxury residential area for the aristocracy and the high bourgeoisie. Its wide streets, stately buildings and orderly urban planning made it a benchmark of elegance. Over time, in addition to being a high-end residential and shopping area, it established itself as a representation area for embassies, law firms, consulting firms and professional services companies looking for a location that reflected their prestige. In addition, El Retiro Park is a great advantage in this area for those who want to enjoy this enclave and breathe clean air in the city centre during their lunch break.
- Growth in recent times: While the Salamanca neighbourhood has always been a stronghold of exclusivity, in recent years it has seen a resurgence in demand for high-end office space. Multinational companies, family offices, investment firms and elite consulting firms choose this area for its reputation, its tranquillity and the quality of its services. Market statistics show that the Barrio de Salamanca (including the Velázquez area) has the highest office rental prices in Madrid. The availability of offices is limited, which underlines their exclusivity. Demand from foreign companies looking to establish their headquarters in a prestigious environment has increased in recent years, consolidating it as a business district in Madrid of reference for corporate expansion.
- Future of the Salamanca District: the future of Salamanca is focused on maintaining its prestige, but adapting to new trends: flexible workspaces, sustainable offices and personalised services. It is the ideal place for expanding multinationals looking for a strategic point to settle in Madrid.
Why do these districts mark the future? The confluence of flexibility and connectivity
The evolution of these three business districts in Madrid is no coincidence. It responds to a series of key factors that are redefining the global labour landscape and that Madrid, as an European capital, has been able to capitalise on perfectly.
- Attracting talent and business: Madrid has established itself as an international hub. The city attracts foreign investment, innovative startups, and professionals from all over the world. Azca, Gran Vía and Salamanca offer diverse environments that adapt to different business cultures, from the most corporate to the most creative or the one that seeks the highest distinction. The ability to attract international talent has doubled in the last decade, many of them seeking opportunities in these districts.
- Flexibility as a new currency: The pandemic accelerated a trend that was already on the horizon: the need for flexibility. Companies no longer want to be tied to long-term leases or massive upfront investments in furniture and technology. They are looking for spaces that adapt to their growth cycles, their temporary projects or their hybrid teams. Flexible workspaces, such as private offices or coworking spaces, have seen exponential growth in demand in these districts. This allows businesses of all sizes to scale up or down as needed, without logistical headaches and no extra expenses.
- Connectivity and networking ecosystems: Being well connected not only means having good internet (which it also does), but also being close to customers, suppliers, talent and, of course, business opportunities that would not otherwise be possible. These districts offer a density of companies and professionals that facilitates collaboration and growth. Most professionals who work in flexible spaces in these districts say that networking is one of the main advantages.
- All-inclusive and worry-free services: Who wants to waste time managing the electricity bill, printer maintenance or catering for an important meeting? Nobody. The trend is to outsource these tasks so that companies can focus on their core business. Business districts in Madrid that offer plug-and-play solutions are the ones that succeed.
- Technology and sustainability: The new generations of buildings and workspaces in these districts incorporate the latest technologies, from ultra-fast fibre optic connectivity to smart HVAC systems and sustainability practices, key to the 2030 Agenda and the future of our planet. This not only improves efficiency but also contributes to the brand image of companies.
Ibercenter: your strategic ally in the best business districts in Madrid
And this is where Ibercenter comes into play, your partner with 30 years of experience and the ideal one to navigate this exciting future. We understand the needs of a corporate executive looking for professionalism and premium services; of the Multinational Company that expands in Madrid and needs elite infrastructure without complications; and an entrepreneur who seeks flexibility, networking and a dynamic environment.
Our offices in Azca, Gran Vía and Velázquez (Barrio de Salamanca) are designed to offer exactly what the current market demands:
- All-inclusive equipped private offices: From ergonomic furniture to high-speed connectivity and administrative services from our highly qualified team. Forget about the initial investment, supply contracts and logistical worries and leave it to us. Your space, your brand, and zero hassle.
- State-of-the-art meeting, training, and event rooms: Fully equipped with projectors, interactive whiteboards, flipchart, and everything you need to make your presentations a success. In addition, with additional services such as computer and technological equipment rental, coffee breaks and catering, your events will be impeccable.
- Flexible contracts: Adapted to your needs. Whether you need an office for days, months, years, or are planning a long-term expansion, we have a solution for you. In addition, if you don’t need physical space, you can also have your Virtual Office at Ibercenter. Without a doubt, flexibility is our DNA.
- Premium Location: Being in Azca, Gran Vía or Velázquez is not just an address, it is a declaration of intent. It means being at the nerve centre of Madrid’s business, culture or prestige, with unsurpassed connectivity and access to an ecosystem of high-level companies and professionals. Your location speaks for you.
- Networking and Community (especially on Gran Vía): While all our locations encourage connection, the vibrant energy of Gran Vía, in particular, is a magnet for creative professionals and startups looking for a multicultural environment and opportunities to collaborate.
- And what sets us apart from the competition: We offer quality service at the best price.
The Next Chapter: Consolidating Hybrid Districts
The future of business districts in Madrid does not stop here. We will see a consolidation of hybrid models, where the line between work, leisure and personal life is further blurred. The buildings will be smarter, more sustainable and designed to foster creativity and well-being.
Azca will continue to be the bastion of large corporations, but with a renewed focus on flexibility and cutting-edge technology. Gran Vía will continue to attract the most creative minds and startups with its vibrant atmosphere and ability to generate new ideas. And the Barrio de Salamanca will maintain its status of exclusivity, offering an oasis of calm and prestige for companies looking for the best of the best.
Madrid is showing that it is a city that knows how to adapt, that embraces change and that offers fertile ground for business growth. And on this exciting journey, Ibercenter is positioned as the strategic partner that offers you the keys to access the best spaces in the most promising business districts in Madrid.
Whether you are looking for private offices, meeting rooms or a flexible space in Azca, Gran Vía or Velázquez, we are ready to design the perfect solution for you.
📩 Request information now and discover how Ibercenter can boost your business from the heart of Madrid.
