Public Spaces: The Economic and Symbolic Value

Cities depend on each street and park to be a place that people want to be. Photo by La Citta Vita / Flickr

Our impressions of a city are formed mainly by the quality of public spaces. If they are not pleasant and preserved, or if they transmit a sense of insecurity, we will seldom return. Good planning of these spaces should be the rule, not the exception. In the series “Public Spaces,” we explore different aspects related to public spaces that determine our daily experience in cities. In this second post, we discuss the relationship between public spaces and their symbolic and real estate value.

Streets are the face of a city. They are  where everything happens, and where the community lives together. Along with them, parks and plazas transform urban life in terms of well-being and health of the population. The quality of these public spaces alter the value of land around them, promoting a series of social and economic impacts. People are attracted to places where they feel comfortable and with a sense of belonging. Business investments are also attracted by well-structured, well-maintained and well-administered sites. A city that seeks to enhance quality of life and, at the same time, the increase global competitiveness, needs to be attentive to the trends of the urban agenda. The need to create vibrant, healthy communities and prioritize sustainable transport leads cities to rethink and redesign its streets for a future where public space and residents are treated as a priority in urban planning.

The character of a place is defined by two main elements: location and context. The first is usually assessed according to the real estate value of the site and the income level of the population that lives there. The second refers to socio-economic issues and the multiple factors that define how neighborhoods operate.

An important element that adds to the complexity of the real estate market depends on how sites can be subject to different land uses. Old theories assumed that “a straight line” away from the city center could explain the cost of transport and that this, in turn, explained the distribution of land use in the city. However, today it is known that correlations between spatial configuration, functional land use and traffic and occupancy standards—and their direct relationship with the social, cultural and economic aspects of a city—influence the evolution of land-use over time.

The concept of placemaking adds to the debate on land value. This refers to the process of planning quality public spaces that contribute to the local community and is an essential aspect of creating local identities. By nature, real estate value refers to the value of the land. The implementation or upgrading of public spaces (parks or street space itself), has the potential to influence the dynamics of the real estate market in the region. The renovation of these spaces therefore aims to improve residents’ quality of life and attract new economic activities.

Open spaces, living spaces. Photo by Patrik Nygren / Flickr

The idea of public spaces and their associated value can vary greatly between the city center and the urban periphery. The very use of streets in residential areas, where human interactions naturally occur, differs from the central areas. Even the simplest urban space can have great symbolic importance for people.

Public spaces can create bonds between individuals from completely different backgrounds, but that pass through the same areas. Bill Hiller, Professor of Architecture and Urban Morphology at the University of London, suggests that these interactions in public spaces create a “virtual community,” which is noticed when the co-presence leads to interactions, communications and transactions.

The symbolic relevance of the site can also influence the real estate value of its surroundings. Remember that when we talk about public spaces, we are also including sidewalks, bike paths and access to transportation. For example, access to active modes of transport is a strong factor in the housing market. In a study, Fábio Tieppo mapped buildings close to the bike paths in São Paulo and saw that they had high land value. As he moved move further from the bike paths, however, he saw that property value quickly declined. In addition to access to active modes of transport, several studies also point to walkability as an important factor of urban real estate appreciation.

Sidewalks, bike paths, parks and squares are all locations of vital importance for life in the city. The relationship between residents and these spaces (and each other) must be preserved. As cities continue to grow, these spaces, and their economic, social and symbolic value, should always be at the forefront of urban planning.

This text was adapted from the article “Finding the value of urban space,” by Alan Penn, published in the collection “Making good – shaping places for people,” produced by the Center for London and available here .

Laura Azeredo and Lara Caccia contributed to this post.

Originally published in Portuguese on TheCityFix Brasil

Source: TheCityFix

More trains, planes & automobiles news

Pondering: Progression Of The EV Revolution (2017–2030)

Most of you reading this are in agreement: electric vehicles will upend the conventional vehicle industry within the next 50 10–20 years. The pollution industry in the world of transport will be destroyed. Gasmobiles stinking up cities, garages, lungs, hearts, and minds will be retiring to scrapyards and history books. But the endgame is sort […] read on

Future News — Dateline February 14th, 2030

… With anchor Jane Curtain III. Tonight’s top story… The last automobile powered by an internal combustion engine was sent to the salvage yard today. We will have film at 11:00pm showing a 1959 Cadillac Eldorado convertible being towed into Monster Joe’s Auto & Trucks Dismantlers in Los Angeles, California. The car had been hidden […] read on

The Rise Of The E-Bike: Smart Choice For Commuting & Better Health

The e-bike revolution is gaining ground quickly as more people discover the health and economic benefits of riding a bicycle versus driving, especially in crowded cities. The Rise Of The E-Bike: Smart Choice For Commuting & Better Health was originally published on CleanTechnica. To read more from CleanTechnica, join over 50,000 other subscribers: Google+ | […] read on

Tesla Model 3 & Nissan LEAF 2.0 Reflections — Cleantech Talk Returns! Again!

Hello again, listeners and readers. After a longer than expected off-season, Cleantech Talk is back! Season 3’s contributions should be a bit more regular than Season 2 was, given that I’ve moved — “pivoted” in Silicon Valley lingo — from my full-time engineering job to communications consulting, specifically to be able to dedicate more time […] read on

10 Ways Women Can Beat Back Misogyny In The Tech World: Part 3

In this third and final installment, we examine a series of positive ways that women in tech can rise up against an institutional climate of separation 10 Ways Women Can Beat Back Misogyny In The Tech World: Part 3 was originally published on CleanTechnica. To read more from CleanTechnica, join over 50,000 other subscribers: Google+ […] read on

8:26 Seconds With First Tesla Model 3 Delivered Outside Of California — Austin, Texas

The first Tesla Model 3 delivered outside of California has found its way to Austin, Texas, where the delivery process was videotaped and uploaded to YouTube by Matt Holm, a friend of the proud new owner. 8:26 Seconds With First Tesla Model 3 Delivered Outside Of California — Austin, Texas was originally published on CleanTechnica. […] read on

Baidu Releases Apollo 1.5 (New Open-Source Autonomous Driving Platform) & Announces $1.5 Billion Fund

The China-based tech giant Baidu has released the newest iteration of its widely used open-source autonomous driving platform Apollo — which has been dubbed Apollo 1.5, appropriately enough Baidu Releases Apollo 1.5 (New Open-Source Autonomous Driving Platform) & Announces $1.5 Billion Fund was originally published on CleanTechnica. To read more from CleanTechnica, join over 50,000 […] read on

32nd Annual International Coastal Cleanup Gets Hundreds Of Thousands Of Volunteers Involved Worldwide

The 32nd annual International Coastal Cleanup took place on September 16 and provided hundreds of thousands of volunteers with an opportunity to help keep plastic trash out of the oceans. 32nd Annual International Coastal Cleanup Gets Hundreds Of Thousands Of Volunteers Involved Worldwide was originally published on CleanTechnica. To read more from CleanTechnica, join over […] read on

Plug-in Hybrid Cars Must Be Plugged In. Who Knew?

A report by Fleet News slams plug-in hybrid cars. But its analysis is twisted to show bias toward diesels. Plug-in Hybrid Cars Must Be Plugged In. Who Knew? was originally published on CleanTechnica. To read more from CleanTechnica, join over 50,000 other subscribers: Google+ | Email | Facebook | RSS | Twitter. read on

Even With Huge Carbon Emissions Reductions World’s Periglacial Zones (Home To Permafrost) To Disappear By 2100, Research Finds

The world’s periglacial zones, home to essentially all of the world’s permafrost, will “almost completely disappear” by the year 2100 even in the most optimistic of scenarios concerning greenhouse gas emissions reductions, according to a new study Even With Huge Carbon Emissions Reductions World’s Periglacial Zones (Home To Permafrost) To Disappear By 2100, Research Finds […] read on

Lithium From A Surprising Source (Infographic)

If we’re going to scale up electric vehicle production, we need an abundance of lithium. Mining or production capacity is quite limited at this point, and it looks like the oil industry might be the best source of this valuable mineral going forward towards a more renewable future Lithium From A Surprising Source (Infographic) was […] read on

Electric Car S-Curve Adoption By Country (Fun Chart!)

Electric car sales are increasing at very different speeds around the world. Some developed countries still only see a handful of electric car sales per month. Others are moving hundreds of cars off of lots and into garages every day Electric Car S-Curve Adoption By Country (Fun Chart!) was originally published on CleanTechnica. To read […] read on

Tesla Exploring Opening Service Stations Alongside Superchargers

Tesla is reportedly exploring the possibility of opening service stations to be co-located with its Superchargers, reports GrubStreet Tesla Exploring Opening Service Stations Alongside Superchargers was originally published on CleanTechnica. To read more from CleanTechnica, join over 50,000 other subscribers: Google+ | Email | Facebook | RSS | Twitter. read on

Tesla Reportedly Working With AMD On Self-Driving AI Chip

Tesla is reportedly now working with the chip manufacturer AMD on the development of its own self-driving tech management AI chip, according to an unnamed source quoted by CNBC in a recent article Tesla Reportedly Working With AMD On Self-Driving AI Chip was originally published on CleanTechnica. To read more from CleanTechnica, join over 50,000 […] read on

Plug-In Electric Vehicle Sales In North America To Be 50% Higher In 2017 Than In 2016, Navigant Research Report States

Sales of plug-in electric vehicles in the North American markets will be roughly 50% higher in 2017 than they were were in 2016, based on current trends, according to a new report from Navigant Research. That should come as no surprise to those of you who follow our monthly electric car sales reports Plug-In Electric […] read on

“Tesla Supercharger” For Your Phone … As You Wait For Your Model 3

Tesla Model 3 reservation holders that are getting a bit impatient, and desperate for any sort of distraction at all, may be interested in reading about their ability to purchase (or 3D print) their own Tesla Supercharger–styled smartphone charger “Tesla Supercharger” For Your Phone … As You Wait For Your Model 3 was originally published […] read on

Uber only has itself to blame for London license loss

 The tech industry’s over-processed supply of irony might not be enough to service all the ramifications of Uber being stripped of its London license by the city’s transport regulator. Read More read on

10 Ways Women Can Beat Back Misogyny In The Tech World: Part 2

In this second part of our three-part series, we explore ways that women in tech can have long and successful careers through deliberative decision-making 10 Ways Women Can Beat Back Misogyny In The Tech World: Part 2 was originally published on CleanTechnica. To read more from CleanTechnica, join over 50,000 other subscribers: Google+ | Email […] read on

First Responder Manual Offers A Glimpse Into How The Tesla Model 3 Is Made

The manual for first responders offers a glimpse into how the Tesla Model 3 is built. First Responder Manual Offers A Glimpse Into How The Tesla Model 3 Is Made was originally published on CleanTechnica. To read more from CleanTechnica, join over 50,000 other subscribers: Google+ | Email | Facebook | RSS | Twitter. read on

Lux Research: Innovation Interest In Renewables Is Declining, Peak Occurred 4 Years Ago

Innovation interest in renewable energy tech has been declining in recent years, achieving a peak around 4 years ago, according to a recent analysis from Lux Research. According to the market research firm, this means that the long-term growth trajectory of the market is “thrown into question” — further “innovation momentum” is necessary for continued […] read on

BorgWarner To Supply Unnamed EV Auto Manufacturer With PTC Cabin Heating Tech, To Improve Range

BorgWarner will be providing an unnamed but globally active electric vehicle auto manufacturer with its new high-voltage positive temperature coefficient cabin heating tech — for use in a new electric vehicle offering — according to a new press release BorgWarner To Supply Unnamed EV Auto Manufacturer With PTC Cabin Heating Tech, To Improve Range was […] read on

Biodegradable Material Could Replace Most Plastic Used To Wrap & Preserve Food

Researchers at Penn State have developed new biodegradable compostable coatings that could lower the amount of plastic needed to package and ship food, helping keep more plastic from clogging landfills and ruining the oceans. Biodegradable Material Could Replace Most Plastic Used To Wrap & Preserve Food was originally published on CleanTechnica. To read more from […] read on

Air Pollution Exposure & Kidney Disease Linked By New Study

Exposure to air pollution increases the risk of experiencing a decline in kidney function and developing kidney disease, according to a new study published in the Journal of the American Society of Nephrology Air Pollution Exposure & Kidney Disease Linked By New Study was originally published on CleanTechnica. To read more from CleanTechnica, join over […] read on

XOM
79.92
+0.03
+0.04%
GE
24.87
+0.12
+0.48%
CVX
117.29
+0.82
+0.70%
PTR
62.81
-0.51
-0.81%
TOT
54.02
+0.11
+0.20%
BP
37.82
+0.12
+0.32%
SLB
68.8
+0.71
+1.04%
SNP
75.69
-0.45
-0.59%
BBL
36.36
-0.03
-0.08%
E
32.98
+0.05
+0.15%
OXY
62.94
+0.19
+0.30%
COP
49.08
+0.39
+0.80%
STO
20
+0.14
+0.70%
PSX
89.89
+0.75
+0.84%
SU
34.12
-0.09
-0.26%
EOG
94.55
+0.66
+0.70%
PBR
10.34
+0.06
+0.58%
EMR
63.44
0.00
0.00%
ENB
41.04
-0.4
-0.97%
HAL
44.25
+0.77
+1.77%
VLO
74.29
+0.93
+1.27%
CNQ
34.09
-0.11
-0.32%
IMO
31.64
+0.01
+0.03%
PHG
41.74
-0.12
-0.29%
APC
48.83
+0.34
+0.70%
PXD
144.01
+2
+1.41%
BHI
57.68
+3.17
+5.82%
MPC
54.73
+0.36
+0.66%
SSL
28.36
+0.04
+0.14%
CMI
167.98
+1.5
+0.90%
APA
43.57
+0.21
+0.48%
HES
44.5
+0.87
+1.99%
MMP
70.27
-0.03
-0.04%
NBL
27.02
+0.07
+0.26%
CXO
127.06
+0.76
+0.60%
CAM
66.01
-1.04
-1.55%
DVN
35.78
+0.43
+1.22%
NOV
35.54
+0.34
+0.97%
CLR
37.82
+0.16
+0.42%
CVE
10.28
+0.18
+1.78%
TSO
99.53
+1.66
+1.70%
PBA
34.13
-0.43
-1.25%
EQT
64.26
+0.42
+0.66%
PAA
21.58
-0.14
-0.64%
XEC
110.85
+1.48
+1.35%
COG
26.58
+0.17
+0.64%
BPL
55.8
-0.16
-0.29%
MPLX
34.19
+0.17
+0.50%
IEP
54.72
+0.54
+0.9967%
MRO
12.79
+0.06
+0.47%
XOM
79.92
+0.03
+0.04%
GE
24.87
+0.12
+0.48%
CVX
117.29
+0.82
+0.70%
PTR
62.81
-0.51
-0.81%
TOT
54.02
+0.11
+0.20%
BP
37.82
+0.12
+0.32%
SLB
68.8
+0.71
+1.04%
SNP
75.69
-0.45
-0.59%
BBL
36.36
-0.03
-0.08%
E
32.98
+0.05
+0.15%
OXY
62.94
+0.19
+0.30%
COP
49.08
+0.39
+0.80%
STO
20
+0.14
+0.70%
PSX
89.89
+0.75
+0.84%
SU
34.12
-0.09
-0.26%
EOG
94.55
+0.66
+0.70%
PBR
10.34
+0.06
+0.58%
EMR
63.44
0.00
0.00%
ENB
41.04
-0.4
-0.97%
HAL
44.25
+0.77
+1.77%
VLO
74.29
+0.93
+1.27%
CNQ
34.09
-0.11
-0.32%
IMO
31.64
+0.01
+0.03%
PHG
41.74
-0.12
-0.29%
APC
48.83
+0.34
+0.70%
PXD
144.01
+2
+1.41%
BHI
57.68
+3.17
+5.82%
MPC
54.73
+0.36
+0.66%
SSL
28.36
+0.04
+0.14%
CMI
167.98
+1.5
+0.90%
APA
43.57
+0.21
+0.48%
HES
44.5
+0.87
+1.99%
MMP
70.27
-0.03
-0.04%
NBL
27.02
+0.07
+0.26%
CXO
127.06
+0.76
+0.60%
CAM
66.01
-1.04
-1.55%
DVN
35.78
+0.43
+1.22%
NOV
35.54
+0.34
+0.97%
CLR
37.82
+0.16
+0.42%
CVE
10.28
+0.18
+1.78%
TSO
99.53
+1.66
+1.70%
PBA
34.13
-0.43
-1.25%
EQT
64.26
+0.42
+0.66%
PAA
21.58
-0.14
-0.64%
XEC
110.85
+1.48
+1.35%
COG
26.58
+0.17
+0.64%
BPL
55.8
-0.16
-0.29%
MPLX
34.19
+0.17
+0.50%
IEP
54.72
+0.54
+0.9967%
MRO
12.79
+0.06
+0.47%