Open Space: an asset without a champion ?

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This report presents the indings of a survey of 350 real estate developers, investors, consultants and public sector workers across Europe conducted by global design irm Gensler and the Urban Land Institute, aimed at discovering the value of open space in Europe’s cities. The survey reveals an overall consensus about the value of open space for cities, businesses and people, and the need for the public and private sector to work together on open space–related issues. The challenge remains how to encourage the creation and maintenance of open space when public sector investment is scarce? Surprisingly to some, the survey reveals that the private sector is more than willing to invest in open spaces if the right vehicle for investment is made available, and their investment is managed properly. 95% of our respondents not only believe good open space adds value to commercial property, but are prepared to pay at least 3% more to be in close proximity to it. In London alone, this could equate to an additional £1.3 billion of additional capital that could be invested in open spaces. Appropriate investment models need to be identiied in order to achieve this.

Source : ULI

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