Catalonia has consistently shown more office movements into its region than out of it, with 2022 marking 811 offices relocated and 630 new arrivals, yielding a net decrease of 181. Since 2017, the year of the 1-O referendum, nearly 5,000 headquarters have left the region, while around 2,100 relocated to Catalonia, according to data from the Trade Registry. Across Madrid, the pattern reversed in most years, except for a notable shift in the last quarter with 376 departures and 373 arrivals. Over this period, Madrid accumulated a positive balance of 1,733 offices, driven by 6,745 entries and 5,012 exits. Last year even saw a positive balance of 191.
The negative balance in Catalonia reached a peak in 2017, when almost 2,000 exits contrasted with only 548 entries. This occurred alongside a broader consolidation of divisions and corporate segments, especially among multinationals that established research and development facilities, innovation hubs, or digital centers in Barcelona and its metropolitan area. Notable examples include Nestlé, Pepsico, Intel, and Cisco, among others, as they positioned Catalonia as a growing entrepreneurial, technological, and innovative ecosystem.
A recent Financial Times report highlights how this image of slowdown has persisted. The British newspaper notes that political conditions have eroded Barcelona’s reputation, suggesting the city could lose economic and tourist appeal and its pride.
Yet positive signals accompany the arrival of corporate centers of excellence. After 2022, tourism recovered more strongly in Catalonia, and the region saw a 2023 uptick as well. Jordi Clos, head of the tourism organization, expects a return to historical levels this year, while acknowledging that record-high prices are weighing on high-quality travelers.
Additional positive indicators emerged from the latest National Institute of Statistics (INE) balance. The year-end analysis shows Catalonia faring better than Madrid in several metrics. In 2022, the rate of company creation in Catalonia fell by 3.6% relative to the previous year. At the same time, business closures were 14 points worse in Madrid. The contrast between autonomous communities is stark: roughly 1,700 companies dissolve each year in Catalonia versus about 7,000 in Madrid, underscoring a denser business texture in the capital.
The overarching takeaway from these comparisons is that Madrid generally outperformed Catalonia on several fronts during the past five years, including the number of new businesses opened. There were exceptions, such as 2019, when Madrid led and 2021 when Catalonia narrowed the gap. In 2023, Catalonia achieved a small win, showing a lower drop in fundamentals and a more modest rise in closings, while continuing to attract activity in the office relocation and corporate services space.
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Early on, the government explored measures aimed at re-attracting headquarters, considering moves linked to major investments like Naturgy in Madrid or CaixaBank in Valencia, as well as the foundation and its business arm in Palma de Mallorca, and Banc Sabadell in Alicante. The relocation of large corporate centers remained multi-sectoral, with firms such as Abertis, Quail, Planetary Group, Catalan West, Rooster Macaroni, Colonial, Bruixa d’Or, and Agbar among those observed in the migratory patterns.
The Generalitat initially contemplated steps to pull back reserved HQs. A public statement followed, with the president acknowledging the option in a speech at a major economic forum in 2019, but the proposal was ultimately set aside as potentially unfair to those companies choosing to stay in Catalonia.
Josep Sánchez Llibre, president of Foment del Treball, has been a vocal advocate for reinstating corporate headquarters while seeking reelection. He reiterated this stance during his first term in 2018 and again in the current term after his recent reelection. Today, only two Ibex-35 companies have headquarters in Catalonia: Fluidra and Grifols.
As Catalonia grows more attractive for research and development centers, joint service hubs, and excellence centers, the recurring question about corporate headquarters persists. Companies that were once headquartered in Barcelona, even if the registry shows a transfer, may still retain ownership, fueling ongoing discussions about strategic location, regional advantage, and the balance between staying and relocating.