Office rentals and coworking in Bilbao
Bilbao's demographic evolution has been on the rise in recent years. This has been accompanied by economic growth that has turned it into a true business city. Therefore, it offers you a tremendous opportunity to expand your company. Office rentals in the city of Bilbao are an interesting option.
Demographic evolution in Bilbao
According to data from the INE, in 2020, a total of 350,184 people lived in Bilbao. The growth compared to 2019 was 3,341 inhabitants. In recent decades, the city of Bilbao has stabilized at around 350,000 inhabitants. The city's peak population was reached in the 1980s, when it surpassed 400,000. Other data from the National Statistics Institute provide interesting information regarding the type of population residing in this city.
Almost half of the city's inhabitants were born in Bilbao, while the rest come from other cities and countries. 13.38% come from outside Spain. This, in absolute numbers, amounts to 46,854 people. In fact, almost 5,000 inhabitants emigrated to Bilbao from 2019 to 2020. The arrival of foreign capital has been constant throughout this century. In 1996, it represented 1.52% of the total population. However, in 2020, it already represented 13.38%.
The majority of these people, more than 50% of the total, come from the Americas. Africa, Asia, and Oceania are far behind. Therefore, there are many opportunities for corporates to find foreign customers. Colombia is the country with the largest concentration of native citizens, followed by Bolivia and Ecuador. Demographically, the average age of Bilbao's inhabitants is 46.44 years old, according to data from the INE (National Institute of Statistics and Census). 63% of this population are of working age.
Economic Evolution in Bilbao
In addition to demographics, the economy is another of Bilbao's strengths. Initially, it was established as a mining town. Biscayan iron was its main economic driver both nationally and internationally. Throughout the 19th century, its strong industrialization turned the main city of the Basque Country into one of the most powerful in the country, behind only Barcelona.
Economic growth was accompanied by a population and urban explosion. Mining, banking, and shipping constituted what was then the new bourgeoisie. However, starting in 1970, industrial decline began with the closure of many companies. Shipyards and metalworking companies, among others, went bankrupt with the arrival of the crisis in the secondary sector. In the following years, Bilbao underwent an economic transformation. It moved from the industrial sector to the service sector. Thus, a Eustat report indicated that 90% of GDP in this decade was already from the tertiary sector. The construction of the Guggenheim Museum in 1977 was one of the major factors. Over time, large international companies established their headquarters in Bilbao. Additionally, a port of vital commercial importance was built to connect the city with Europe. With the Guggenheim, tourism also grew. The Bilbao City Council Observatory recorded half a million visitors in 2019, 5.1% more than the previous year. Furthermore, the city of Bilbao now accounts for 30% of all visits from the entire Basque Country. In addition to leisure tourism, there are also many business trips, especially to the Euskalduna Palace and the Bilbao Exhibition Centre. Therefore, office rentals in Bilbao can be a great option for your company. They will provide you with a central hub for your business in one of Spain's major cities.
