The Benefits of Creating a Place
Great public spaces make good business sense if they are creatively used and managed. A vibrant plaza or active, pedestrian-friendly street contributes directly to customer satisfaction and ultimately enhances the competitiveness and economic return of a building or a mixed-use development, and that of its tenants. A successful public space can push building rents upwards and reduce vacancy rates. Revenue can also be generated directly from the spaces themselves, from leases for food operations or user fees for events. Collaborating with tenants and community partners on the use and management of the spaces will build strong ties with potential contributors and stakeholders, and will also help to offset operational costs.
Successful, active public spaces have been shown to increase the property value of surrounding buildings, and can have substantial long-term effects. For example, the success of Bryant Park in New York City has led to a measurable increase in the property values of surrounding buildings, and Yerba Buena Gardens in San Francisco has helped to revitalize the surrounding neighborhood and has catalyzed new development. Thus investment in construction and management is also an investment in preserving and enhancing the value of the property long into the future.