Public Spaces Are the Hidden Wealth of Cities

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00:04 In every city,

00:06 public spaces account for about 1/3 of the city's total land area on average.

00:12 These public spaces range from parks

00:15 to city streets

00:17 to neighborhood squares

00:18 to public facilities such as libraries and markets.

00:22 And they hold great potential to transform cities

00:25 and city life.

00:26 However,

00:27 local governments often overlook this potential for many reasons,

00:30 such as poor urban planning,

00:32 financial constraints,

00:33 and other pressing priorities arising from rapid urbanization.

00:38 The result,

00:39 public spaces have become a liability and

00:41 degrade into congested and polluted places,

00:44 creating a downward spiral that drains public resources and exacerbates

00:48 various city problems.

00:50 But it doesn't have to be this way.

00:53 Cities perform better when they invest in

00:55 and create public spaces that are human-centered,

00:59 environmentally sustainable.

01:00 Economically vibrant

01:02 and socially inclusive.

01:04 They turn public spaces into assets that create value

01:07 through a variety of ways such as enhancing walkability,

01:11 urban mobility,

01:12 and providing safe and inclusive places for communities,

01:16 creating places that support the local economy and livelihoods.

01:20 Building urban resilience when they incorporate green or gray infrastructure,

01:25 creating amenity rich neighborhoods that attract firms and talents.

01:29 Promoting overall urban health and citizen well-being.

01:33 Enhancing surrounding land value and providing opportunities

01:36 for value capture and urban regeneration,

01:39 and strengthening cultural heritage assets.

01:42 These cities implement smart and sustainable strategies across

01:46 their public space as a life cycle.

01:48 The return,

01:49 the returns on investment far exceed the monetary costs,

01:52 ultimately enhancing city livability,

01:54 resilience and competitiveness.

01:56 So,

01:57 how can cities achieve this?

01:59 Well,

02:00 here are 3 steps.

02:02 First,

02:03 they focus on the creation of public spaces for

02:06 and with communities.

02:08 And recognize the need for strong partnerships between governments,

02:12 private sector actors,

02:13 and citizens.

02:15 Second,

02:16 they adopt policies,

02:17 planning and design solutions that ensure the equitable spatial distribution,

02:22 inclusion and quality that enhance access to public spaces across the entire city.

02:27 Third,

02:28 they implement sustainable financial management and governance and

02:31 models across the entire asset life cycle,

02:34 from their initial creation,

02:36 implementation,

02:38 maintenance,

02:38 and to their renewal.

02:40 In our book,

02:41 The Hidden Wealth of Cities,

02:42 we discuss how cities can better plan,

02:44 finance

02:45 and manage both government owned and privately owned public spaces.

02:50 Download the report and check out the case studies on cities from around the world.

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In every city, public spaces account for about 1/3 of the city's total land area on average. These public spaces range from parks to city streets to neighborhood squares to public facilities such as libraries and markets. And they hold great potential to transform cities and city life. However, local governments often overlook this potential for many reasons, such as poor urban planning, financial constraints, and other pressing priorities arising from rapid urbanization. The result, public spaces have become a liability and degrade into congested and polluted places, creating a downward spiral that drains public resources and exacerbates various city problems. But it doesn't have to be this way. Cities perform better when they invest in and create public spaces that are human-centered, environmentally sustainable. Economically vibrant and socially inclusive. They turn public spaces into assets that create value through a variety of ways such as enhancing walkability, urban mobility, and providing safe and inclusive places for communities, creating places that support the local economy and livelihoods. Building urban resilience when they incorporate green or gray infrastructure, creating amenity rich neighborhoods that attract firms and talents. Promoting overall urban health and citizen well-being. Enhancing surrounding land value and providing opportunities for value capture and urban regeneration, and strengthening cultural heritage assets. These cities implement smart and sustainable strategies across their public space as a life cycle. The return, the returns on investment far exceed the monetary costs, ultimately enhancing city livability, resilience and competitiveness. So, how can cities achieve this? Well, here are 3 steps. First, they focus on the creation of public spaces for and with communities. And recognize the need for strong partnerships between governments, private sector actors, and citizens. Second, they adopt policies, planning and design solutions that ensure the equitable spatial distribution, inclusion and quality that enhance access to public spaces across the entire city. Third, they implement sustainable financial management and governance and models across the entire asset life cycle, from their initial creation, implementation, maintenance, and to their renewal. In our book, The Hidden Wealth of Cities, we discuss how cities can better plan, finance and manage both government owned and privately owned public spaces. Download the report and check out the case studies on cities from around the world.

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Hidden Wealth of Cities ENGLISH eng

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Hidden Wealth of Cities ENGLISH eng

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