Madrid business district: After three decades of planning, Madrid has finally broken ground on a vast new business district — but lessons from struggling developments in London, Paris and New York hang over the ambitious project.
Known as Madrid Nuevo Norte (MNN), the $6 billion mixed-use development will encompass 10,500 residences alongside 1.6 million square meters of office space, including Spain’s future tallest skyscraper. A major transportation hub and large public park are also central to the designs.
However, critics worry MNN could become a white elephant as remote work trends hollow out demand for centralized office space. Similar zones like Canary Wharf in London have seen tenants flee. Keen to avoid this fate, MNN’s developers carefully studied 16 comparable global projects to inform their strategy.
“Today people want work, life, leisure and retail together in areas that aren’t deserted at night,” said Miguel Hernandez, head of strategy at MNN development consortium Crea Madrid Nuevo Norte.
The first phase of construction is slated for completion by 2035. Crea MNN is a joint venture between Spanish bank BBVA, real estate investor Merlin Properties, and construction firm Grupo SanJose, in coordination with Madrid’s mayor.
Madrid business district will integrate offices seamlessly with housing, eateries and recreation – creating a vibrant 24-hour community. The livability focus represents a pivot from isolated business zones in major cities, aiming to sustain activity no matter how work culture evolves long-term.
After surviving legal gridlock, MNN finally breaks ground with adaptability at its core. Madrid looks to write a new chapter for mixed-use development.