Since October 1
Companies relocating their operations have continued at a noticeable pace since the 2017 referendum, with northern centers attracting more attention than before. By September 30, a total of 679 firms had announced moves, but the balance remains negative for Catalonia, which recorded 571 departures and a net outflow of 108. Across the same period, Madrid also experienced shifts, adding 17 new locations while reporting 1,293 entries and 1,276 exits, yielding a modest net gain in this timeframe.
While some movements may involve changes in the timing or location of shareholder or board meetings rather than a full relocation of headquarters, the trend remains a major concern for the business community. The new president of the Barcelona Chamber, Josep Santacreu, emphasized the need to draw attention to companies considering headquarters relocations and to encourage them to stay or return to Catalonia.
In a related vein, Josep Sánchez Llibre, president of Foment del Treball, spoke at a recent awards ceremony. He urged economic stability for firms that shifted headquarters after the October 1 referendum to repatriate to Catalonia. Sánchez Llibre has long prioritized reversing relocations as part of his leadership agenda since 2018, reaffirming this stance after the last regional elections. His message remains clear: Catalonia should be the preferred home for business activity.
The Ministry of Economy acknowledged the simplification of the net losses, noting that Madrid has seen stronger outflows compared with Catalonia during several years, despite a post-referendum wave. Officials also highlighted that Catalonia’s net job creation since 2013 has surpassed Madrid’s, suggesting a broader regional shift in economic dynamics.
Other Trends
Over the period from 2017 onward, more than 5,200 corporate centers have relocated. Data from the Trade Registry show that over 2,500 individuals chose to settle in Catalonia during the same span. Madrid experienced the reverse flow in most quarters, with only the second quarter of the most recent year showing a minor uptick of 376 departures and 373 arrivals in the last quarter. The region recorded a cumulative surplus of 1,749 registered offices, with 8,037 arrivals and 6,288 departures in this period.
Almost half of the firms that left Catalonia in the third quarter headed to Madrid as their new headquarters, with 80 of 180 relocations choosing the capital. Andalusia followed as a secondary destination with 23 moves, and the Valencian Community ranked third. Among the 315 Madrid relocations between July and September, only 77 relocated to Catalonia, despite it being the most popular destination ahead of Andalusia (55) and the Valencian Community (34).
In all cases, the so‑called leakage effect has been fairly moderate, drawing reactions from neighboring communities such as Aragon. In recent years, more than 650 firms pursued this path, a figure once three times higher than the opposite trend, though new statistics indicate this gap has narrowed. The current balance of company moves appears to skew in Catalonia’s favor overall, even as individual regions experience divergent patterns.
The downturn Catalonia experienced after the 2017 wave, when almost 2,000 escapees were recorded against only 548 entries, involved divisions and segments of companies, especially multinationals choosing to establish research and development centers, innovation hubs, or digital ecosystems in Barcelona and the metropolitan area. Notable brands such as Nestlé, PepsiCo, Intel, and Cisco were cited in discussions about this consolidation of Catalonia as a hub for entrepreneurship and technology.
In response to those movements, the government initially contemplated various strategies to entice headquarters back, including investments related to historic financial institutions and foundations. The efforts involved a broad roster of potential backers, from major banks to corporate foundations, and included multinational and regional players. The reality, however, showed a multi-sectoral flight of headquarters from Madrid to other regions, with several high-profile names relocating their primary offices to Catalonia or to other hubs as strategic decisions evolved. Abertis, Codorniu, Grupo Planeta, Catalana Occidente, Pastas Gallo, Colonial, La Caixa, CaixaBank, and other regional or national entities are among those cited in discussions about where headquarters have moved and how that movement has reshaped the corporate map across Spain. Some companies with a base outside Catalonia retained a significant presence there, balancing regional ambitions with the realities of changing corporate geographies.
Overall, the narrative around headquarters movements in recent years paints a picture of regional competition rather than a simple exodus. Catalonia’s appeal as an entrepreneurial and innovative center persists, supported by ongoing investments and a continued emphasis on a stable, attractive business environment. The sector continues to watch closely how these shifts unfold, with policymakers and business leaders alike seeking to turn relocation into opportunity rather than disruption for the broader economy.