Madrid López de Hoyos centre, two miles to the north-east of the city centre, is in the modern Chamartín area of Madrid. The centre is located in a contemporary building on the Glorieta Lopez de Hoyos, near the corner of Principe de Vergara street. The area is largely modern residential with many mid-rise buildings. Madrid is the third largest capital in Europe and, has the fourth largest GDP on the continent and is considered the major financial centre of Southern Europe. The city is home to the head offices of most major Spanish companies. The city is a major centre for international business and commerce, experiencing recent rapid growth in the service sector.