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Public space as a driver for urban economics
- Land value: Quality public space has a positive impact on the surrounding property values, in saying that the converse is also true, that poorly managed public space can have a negative impact on surrounding land values. City’s needs to view public space as a driver for economic development within urban areas. Whilst quality public spaces added to the diversity of urban areas, it also has the potential to generate income via rates and taxes that are generated from the higher property values surrounding the public spaces. Quality public space stimulates consumption, improves security, and people's general perception of the area in question.
- By investing in public space, local governments can have important economic and fiscal benefits, as it contributes to the quality of areas, attractiveness as well as competitiveness.
- Enhance key areas in the city to promote local economic development, particularly through public markets. Markets in public space provide opportunities for small and medium enterprises to get active in urban economy, and foster rural-urban linkages.
- Promote local tourism by providing spaces of high aesthetic, leisure, sporting and cultural value.
-EXAMPLE: The ‘souk’ as a link between urban and rural territories, Chefchaouen, Morocco
The city of Chefchaouen focuses on the interactions between rural and urban areas as components for an integrated territory. The ‘souk’ of Chefchaouen is a merging point of the urban-rural linkages from an economic, social and spatial point of view. The products of the market come from rural areas close to the city (small producers, especially women) and rural areas in other regions (wholesalers). This market is close to the historical centre, called ‘Medina’ and is the place for small-scale activities generating social and economic dynamic and strengthening social cohesion. (More information here)