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an asset without a champion?


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Open Space: an asset without a champion? 2011, Gensler and ULI the Urban Land Institute | 3

an asset without a champion?

Our survey respondents, however, point the way orward:84% o those surveyed believe that both the public andprivate sector should be responsible or the development

o open spaces. This percentage increases to 100% amongdevelopers, indicating a clear willingness o those in theprivate sector to partner in the development o openspaces.

Furthermore, 69% o respondents believe open spaceshould be maintained through a combination o eortsrom both the public and private sectors; 73% say thatopen space could act as a crucial catalyst or economicdevelopment; and 82% would be prepared to invest morein open spaces i there was a nancial incentive.

Through a review o the Gensler/ULI research and a serieso case studies, this paper explores how much value thereal estate community and society as a whole place onopen spaces, and discusses best practice investmentmodels rom European cities. It also explores the viabilityo the widespread adoption o these investment models,with a ocus on the concept o Business ImprovementDistricts as an exemplary model or collaboration.

The paper concludes with 10 key themes that haveemerged rom our research, representing possible avenuesor urther discussion, debate and action in order to realise

the ull potential o urban open spaces.

Ian Mulcahey Greg ClarkPrincipal Senior FellowPlanning Practice Area Leader EMEA / IndiaGensler ULI

This report presents the ndings o a survey o 350 realestate developers, investors, consultants and public sectorworkers across Europe conducted by global design rm

Gensler and the Urban Land Institute, aimed at discoveringthe value o open space in Europes cities.

The survey reveals an overall consensus about the valueo open space or cities, businesses and people, and theneed or the public and private sector to work together onopen spacerelated issues. The challenge remains how toencourage the creation and maintenance o open spacewhen public sector investment is scarce?

Surprisingly to some, the survey reveals that the privatesector is more than willing to invest in open spaces i the

right vehicle or investment is made available, and theirinvestment is managed properly. 95% o our respondentsnot only believe good open space adds value to commercialproperty, but are prepared to pay at least 3% more to be inclose proximity to it. In London alone, this could equate toan additional 1.3 billion o additional capital that could beinvested in open spaces. Appropriate investment modelsneed to be identied in order to achieve this.

Another key theme to emerge rom our research isthat open space, despite its economic, human andenvironmental value, may be caught in a cycle o under

investment, i government and private stakeholders dontnd creative ways to supplement public unds to createand maintain these spaces.

Population growth and continued migration towardssuccessul cities increases the pressure on existing openspace. Open Space: an asset without a champion? warnsthat without the creation o more open areas, Londonwill have an open space decit o 1100 ha by 2031, theequivalent o ve Queen Elizabeth Olympic Parks.

Governments have long recognised the need to preserve certain open space lands because o their

importance, but Open Space: an asset without a champion? reveals the new impetus or open

space creation and preservation is coming rom the private sector. With both public and private

players universally recognising the value o open space, it is no surprise that collaboration is the

number one item on the open space agenda.

Executive Summary


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By Roger Madelin, Joint Chie Executive o Argent

As a developer currently engaged in the enhancement anddevelopment o public realm, I welcome this joint reportby Gensler and the Urban Land Institute as conrmationo the value o open space, along with the opportunityto discuss and showcase much needed collaborationwith regards to publicprivate open space investment,development and maintenance models.

Developers certainly value open space and invest init accordingly because they understand the potentiallongterm return on investment. The presence o highquality open spaces in a new development has a number

o benets or investors and developers. Good qualityopen spaces, not only increase the attractiveness o aplace but are also key to placemaking, which in turn canhelp to attract prospective tenants with caes, barsand restaurants especially willing to pay a premium oraccess to open spaces. As cities place increasingly greaterimportance on the livability agenda, many occupiers alsosee outside space as an amenity that can contribute tothe wellbeing o their workorce, as well as aiding in theattraction and retention o employees.

There are, however, a wide range o variables which

determine the attractiveness o a development, includingconnectivity, geographical location and the prestige o theaddress. Although these variables conspire to make theactual premium paid or open space inherently dicult toquantiy, they dont detract rom the act that good openspaces are essential to the success o urban areas.

I rmly believe that the only way to ensure that the valueo open space is preserved or society as a whole is or thepublic and private sectors to work together eectively.

This collaboration, however, can be challenging as

the priorities and timescales o businesses and localgovernment arent necessarily aligned. The BusinessImprovement District (BID) model is one possiblesolution which establishes an excellent ramework orlocal businesses to work with local authorities or theimprovement and maintenance o existing open spaces.In terms o new development, developers must leadthe way in partnering with local councils to create acollaborative model that will deliver long term benets.

We are currently pioneering the establishment o a hybriddevelopment model, which illustrates how publicprivatepartnerships can be tailored to specic objectives, givingboth parties assurance that their needs will be met.

This hybrid model is being applied in the redevelopmentwork taking place at Kings Cross, London. This 3 billionproject, one o the most signicant projects in Europe,includes some ty new buildings and the reurbishmento some twenty historic buildings and structures, all setwithin world class public realm. The project encompassestwenty brand new streets and ten major new public spaces.

The streets, built by the private sector, will be managed bythe local authority who are providing us with guaranteeso a high maintenance and cleaning standard. The openspaces will be maintained by the private sector, but areully accessible to the public.

Other examples o private sector players behind newand revitalised open spaces can be ound all over the UK,Europe and other parts o the world as highlighted in thisreport. Regardless o geographical context, one messageis clear: collaboration, whether driven by investors,developers, local businesses or public sector, is at the heart

o all successul developments.

Argent is a development company with a strong track recordin delivering projects that combine oces, shops, hotels, cas,restaurants, residential and other uses, having become aleading practitioner in city centre regeneration.

Preace


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MethodologyIn October 2010, Gensler, in partnership with the UrbanLand Institute (ULI), conducted an online survey o 350investors, developers, property advisors and public sectorworkers in 33 European countries about the importance ourban open spaces (public parks, squares, outdoor publicvenues, open waterront, small landscaped areas betweenbuildings, roo terraces) and their commercial value.

o respondentsoperate at directorlevel and above.

the distance in milesmost respondents workin relation to their citycentre.

o respondentswork or companiesoperating in morethan one country.

Respondent Industry:

12%PublicSector Entities

19%Investors

21%Developers

48%Advisors

About The Survey

What is open space?

Open space reers to an undeveloped, publicly orprivately owned, land or water area. This includesagricultural and orest land, undeveloped coastal andestuarine lands, undeveloped scenic lands, public parksand preserves. It also includes water bodies such as

riversides, lakes and bays.

The denition o open space varies according to thecontext in which it is situated. In a big city, a vacant plotor a small marsh can be open space. A small park or anarrow corridor or walking or cycling can be classed asopen space too, even though it may be surrounded bydeveloped areas.

Respondent ProleWe surveyed proessionals based in Austria, Belgium,Bulgaria, Cyprus, Czech Republic, Denmark, Finland,France, Germany, Greece, Hungary, Iceland, Ireland,Italy, Luxembourg, Malta, Monaco, Montenegro, TheNetherlands, Norway, Poland, Portugal, Romania, Russia,Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey,Ukraine, and United Kingdom.

The largest concentrations o survey respondents werelocated in the UK, Germany, Turkey, Portugal, Russia,France and Spain.


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Open space provision the ideal ormula?

In 1943, Patrick Abercrombie, in his seminal plan orLondon, attempted to dene what an appropriate levelo open space provision should be or London. He settledon a gure o 1.62 ha / 1000 people. This target wassubsequently lowered in the 1950s to 1.01 ha / 1000people and by the 1960s the policy target was droppedaltogether.1

The Urban Green Nation report by CABE calculated thatLondon currently has 1.24 ha / 1000 people, alling shorto the mean score o 1.79 ha / 1000 or England as awhole.2 1.79 ha / 1000 people is surprisingly close to the1.62 ha identied by Abercrombie in 1943.

The dierence, however, is that Londons population isnow approximately a million people less than it was in1939, which has enabled London to close the gap onwhat was regarded as an aspirational target.

The challenge or London since the 1980s has beenthe reversal o the post war decline in population. Thepopulation is anticipated to continue growing, reachingan estimated 8,840,100 people by 2031.3 Just tomaintain the provision o open space at the current ratio,London will need an additional 1100 ha o open space,which is equivalent to ve Parks the size o the newQueen Elizabeth Olympic Park, London. This equates toa current open space decit* o 30% and a decit o 46%by 2031.

The survey reveals that respondents value accessibility toopen space, with 70% o respondents using open spaces at

least once a week and almost one third using it every day.Only 3% said they never used open space.

Respondents at the directorlevel and above use openspaces more requently than managers and those in more

junior positions, with an average o 74% o directors,members o the board and CEOs/Managing Directors usingopen space at least once a week, compared to only 68% omanagers using it as regularly. This challenges perceptionsthat people in senior positions do not engage with theirsurrounding spaces, highlighting the importance o openspace to employee wellbeing regardless o seniority.

Finding One: Open space is an intrinsic part o peoples lives,regardless o nationality, job role or seniority.

Frequent users o open space:(use open space at least once a week)

0 10 20 30 40 50 60 70 80

UK

Portugal

Germany

Spain

Turkey

France

Russia

100

Open Space

Available inLondon

Ratio

1.24 ha/1000ppl

Abercrombie

target1.62 ha/1000

people

OpenSpaceDecit

2011: 9796 ha 9796 ha 12,798 ha 30

2031: 10608 ha 14,320 ha 46

*Decit = The diference betweenthe 1943 Abercrombie target andthe current open space provision as

estimated by CABE.


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The survey results indicate a strong correlation betweenthe quality o an open space, its usage and assessment o

value. However, even in countries where usage is belowaverage, an overwhelming majority believe in the value oopen space, indicating an appetite or improvement.

In Germany, where open spaces achieve an approval rateo 68% (the highest rate across all countries surveyed),a staggering 97% believe open space adds value tocommercial real estate. Russians, on the other hand, ratetheir open spaces as the poorest, with an overwhelming83% stating that their city does not provide good qualityopen spaces, and they are also the least requent users oopen spaces, with only 61% using open spaces regularly.

While 94% believe open space has a commercial value(matching the European average), only 77% (compared to a90% average) would be prepared to pay more to be in closeproximity to good quality open space.

What constitutes goodquality open spaces?Survey respondents rated greenery, restul spaces andsecurity as the most important elements o successulopen spaces. Recreational and cultural spaces then rankedourth ollowed by water, lighting, ood and beverage andwi- provision. This perception is uniorm across most

surveyed countries with only small variations, such assecurity being the number one concern or Portugueserespondents, but not rated as important by respondentsrom the Netherlands.

Finding Two: All believe in the commercial value o openspace; level o quality impacts the perception o value.

In addition to the survey results, research conducted byWilliam H. Whyte in The Social Lie o Small Urban Places

on public plazas in Manhattan, investigated the actorsthat create successul urban open spaces.4 The volumeo seating space, and the fexibility and comort o thesespaces, proved to be the most valuable assets or openspaces.

Interestingly, other issues such as the shape or size ospace proved less important, underscoring the greatopportunity in highly developed cities or the creation oinll public space.

The Project or Public Spaces, based in New York, has built

on the work o Whyte and takes a similarly pragmaticapproach, identiying 10 Principles or SuccessulSquares.5 These principles highlight that design is onlya small raction o what goes into making a great square.To ensure success, actors such as amenities, seasonalstrategy, accessibility, the central role o management anddiverse unding sources must also be considered. Thisattention to detail can have arreaching positive impactson open space usage.

Flexibility, both o use and physical conguration, andcareul consideration o a spaces relationship to its

surrounding neighbourhood are also important. Successulurban open spaces are easy to nd, easy to access and easyto use, says Greg Clark, ULI Senior Fellow.

Spain38%

France27%

Russia15%

Turkey21%

Germany68%

Portugal39%

United Kingdom

57%

Percentage o respondents in each country, who believe their city oers good enough quality open spaces.


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In already dense cities, we may not be able to achievethe social, economic and environmental benets o

open spaces through greeneld or traditional browneldregeneration. So what is the most easible option?

What challenges must we address to oster

better open space?Open space is a scarce commodity in both Europeanand world cities. Our survey revealed that only 54% oour respondents deemed their city to have adequateopen space provision.

Challenge 1: UrbanisationWhile population and labour orce size in Europe is setto decline, the United Kingdom, Scandinavia, Ireland,France, Switzerland and the Netherlands will continueto grow over the next 20 years. This, combined withmigration towards successul cities, will increase thedemand or residential, oce, retail and entertainmentspaces.6 London alone is expected to have toaccommodate an extra one million people by 2016 andalthough currently Moscow and Istanbul are the onlyglobal megacities (urban agglomeration with more than10 million people) located in Europe, urbanised Pariswill squeeze into this category by 2025.

Challenge 2: Planning regulationsAlthough many cities have well developed policiesor the saeguarding o existing open space, very ewcities address the provision o new open space andthe intensication o its use. Population increase,

worker migration and tourism in successul cities willurther reduce the availability o open space in urbanenvironments.

Challenge 3: Stable land valuesThe latest recession was a service sector recession,and although it halted development across Europe, itdid not lead to the release o vast swathes o land as inprevious recessions.

As land has retained its overall value in successulmetropolitan areas, a clear understanding o theeconomic value o open space is key to securingthe investment necessary or adequate open spaceprovision.

Finding Three: Creative use/re-use is key to providingadditional open spaces in heavily built cities.

How would you create more open space in your city?(top three alternatives selected)

0 10 20 30 40 50 60 70 80

Development o derelict sites

Pedestrianisation through road closure

Demolition o obsolete buildings

Replanning o transit hubs

Creation o rootop gardens

Construction o taller buildings

Construction o ewer buildings

100

Ian Mulcahey says, In cities where development land isscarce, there is a need to address open space provisioncreatively and realistically through the revitalisation ounderused building plazas, the construction o riverparks and multiuse spaces, the conversion o voids inbetween buildings, and the construction o roo terraces,among other less conventional alternatives. Access toopen space is key to making cities more livable. As activeplayers within the design and construction industries, it isour responsibility to champion the balanced developmento our cities and the need or public and private sectors towork together.


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Governments in cities throughout Europe, and the rest othe world, have requently recognised the need to preserve

open space because o its critical role as a provider o ood,recreational opportunities, natural hazard mitigation, orbecause they possess rare geological or biological eatures.

What may have been underestimated, however, is thecommercial value o open space and its potential to createeconomic value.

Open space as a valuable commodityLike any commodity, there is an inversely proportionalrelationship between the availability o land and its value.

This relationship is underlined in the Lincoln Institute oLand Policy Researchs paper, Making Room or a Planet oCities (January 2011). The report highlights the decline inthe accessibility o open space as a consequence o urbangrowth, predicting that as the supply within metropolitanregions decreases, its value and eorts to preserve thatvalue will increase. The paper subsequently denes theeconomic value o open space as its real estate marketvalue; that is, the cash price that an inormed and willingbuyer pays an inormed and willing seller in an open andcompetitive market.7

The Gensler/ULI survey urther substantiates theconclusions made in this report: 95% o respondents believethat open space adds value to commercial property and wouldbe prepared to pay at least 3% more to be in close proximity toopen space. This willingness to pay more to be close to highquality open space, our survey respondents asserted, couldbe harvested to relieve the scal burden o developing andmaintaining urban open spaces.

Although the main criteria or choosing oce spaceconsists o geographic location, proximity to transport

links and cost, access to open spaces ranks th and isdeemed more important than amenities and buildingaesthetics when choosing a commercial property.

Reasons or selecting a commercial propertyRanked In Order:

#1 Geographic Location

#2 Cost

#3 Proximity to Public Transportation

#4 Amenities (retail, ood outlets, gyms, entertainment, etc.)

#5 Access to Open Space

#6 Prestige o Address

#7 Building Aesthetics

It is one o the ironies o our urban lie that some o the most valuable land has no buildings on it. Open

space doesnt just add value, it can create it. Using open space as a catalyst or regeneration and revival is

broadly accepted but achieving great design and unctionality requires both sophistication and creativity.

Cities need to understand what the space is or and how it will be used. Perhaps the most celebrated

example recently is the Millennium Park in Chicago, which changed dramatically rom the rst concept as it

became clear how important a role it could play within the community.

Jeremy Newsum, Chairman, Urban Land Institute and Executive Trustee, the Grosvenor Estate

Finding Four: Open space has a denable economic value;it triggers economic revitalisation and is key to a sense o placein urban environments.

Open space as an economic catalyst73% o those surveyed believe that open space could act as acrucial catalyst or economic development. This gure goesup to 79% among investors, 77% among public sectorworkers, and 87% among our advisor audience (architects,engineers, property agents and consultants).

Open ended answers ell broadly into the ollowingcategories: open spaces ability to improve theattractiveness o a place, its potential or place makingand the ability or it to serve as an attraction or

businesses, customers and/or clients to an area.


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Place making and economic revitalisationOur surveyed audience revealed that one o the criticalactors in economic revitalisation is the creation o an

environment that supports the creativity, health andsatisaction o employees, which in turn could lead to animprovement in the overall productivity o local businessesand the improvement o the overall community.

This perception is reiterated by planning bodies worldwide.Many are pursuing open space strategies to halt thedownturn o commercial areas, support the stabilisation oaltering neighbourhoods, as well as instill a sense o pridein the local community.

Similarly, spaces that are extraordinarily popular in theirown right can have almost no impact on their surroundingneighbourhood. This can be due to the physical andeconomic shape o the built environment around the openspace itsel. I there is no capacity to allow or the growtho small private enterprises nearby, or nearby residentialor entertainment uses, there can be relatively little streetlie in the vicinity o the open space, resulting an inertileground or economic value creation.8

When deciding whether to use urban open spaces orcommunity revitalisation, developers, private businessesand local authorities should identiy areas o open spacewhere there is physical space, excellent connectivity,economic opportunity, and political commitment torevitalise. The case studies used in this paper support andrefect the importance o these criteria.

OverviewHamburg is in the process o being revitalised. On an areao 157 hectares, a new concept or urban living is currentlybeing developed that will increase the size o HamburgCity by 40% by 2025.9 The development, taking placebetween the historic Speicherstadt warehouse district andthe River Elbe, and being managed by HaenCity HamburgGmbH, will see more than 2.25 million m2 o gross foorarea newly constructed, providing 5,800 homes or 12,000residents. In addition, business premises oering inexcess o 45,000 job opportunities, plus retail and leisureacilities, cultural amenities, parks and plazas will be built.10

The role o open spaces in therevitalisation o HamburgThrough the implementation o the Masterplan, plannersand designers were able to connect a previously disparateand contaminated land mass to the rest o Hamburg. Theprioritisation o nonmotorised users through a densenetwork o oot and bike ways, layered onto the necessarytrac inrastructure, ensures that public spaces are betterplaced to act as an attraction to Hamburgs citizens.Hamburg GmbH attempted to prove this point bycommissioning Martin Kohler, a lecturer at HaenCity

University, to lead a sociological and ethnographic studyinto how open spaces are being utilised in everyday lie.

HaenCity, Hamburg: Marco Polo Terrassen

Case Study: The revitalisation o Hamburgusing open spaces

Kohler claimed to be really surprised by the results:Overall, very little that they observed was surprising.Many places are being used in just the way that theplanners anticipated, which refects a good balancebetween the specications, the public and the quality othe planning.11


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The clear message rom our survey is that health andwellbeing, real estate value, productivity o sta and sta

attraction and retention are the our greatest benetsassociated with proximity to open spaces.

Research by the Commission on Architecture and the BuiltEnvironment (CABE) cites improvements in both physicaland mental health associated with access to quality greenspace (Community Green: Using Local Spaces to TackleInequality and Improve Health).12 While this research ismore ocused on residential proximity, the parallels tocommercial uses are strong and point to benets rangingrom reduced anxiety to increased physical activity,resulting in a lower risk or strokes, heart disease, diabetes,

obesity and certain types o cancer.

Meeting the pyramid o human needsDavid Telord, Director at Hurleypalmerfatt and apractising environmental psychologist, strongly believesthat open space has a human amenity value. He assertsthat open spaces have the capacity to meet a pyramido human needs. This pyramid includes the need toeel comortable, the need or leisure/exercise, the needor social interaction, and the need or aesthetics. Bymeeting the pyramid o human needs, an open spacehas the capacity to indirectly transorm an area as theareas employees are more motivated and economicallyproductive.13

The public realm afects our humanity and our enjoyment o lie. The totality o civic space is what matters,

not just a ew good buildings. Everyone should be able to enjoy open, public space. It should be simple in

concept, so it can be used by everyone in diferent ways. One o the responsibilities o developers is that

we must remember that cities should be a series o places. Creating and maintaining good open spaces can

help to generate civic pride.

Sir Stuart Lipton, Deputy Chairman, Chelseld Partners

Finding Five: Open space has a denable human valueto investors, developers, occupiers and government alike.

The social aspect o open spaceAdditional observation and research, pioneered by Jane

Jacobs, and explored in more depth by Jan Gehl o theUniversity o Copenhagen (Lie Between Buildings, 1987,and Cities or People, 2010), highlights the social aspectso quality urban public space.14 Quality open spaceprovides an inormal, relaxed means o maintaining socialties and a sense o community in an urban environment.

As work increasingly extends outside the time and space othe workplace, these social interactions oer opportunitiesor both recreation and productive engagement. Genslersown pioneering workplace research shows the productivenature o inormal interaction in the workplace, withtop perorming companies spending 14% more timecollaborating than average companies. Successul openspace provides opportunities or interactions throughoutthe city, extending these opportunities outside theorganisations walls.15


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OverviewThe revitalisation o Bryant Park in New York City oers aninteresting insight into the link between both the humanand economic value o urban open spaces.

Over the last two decades, New York Citys Bryant Parkhas transormed rom blighted Midtown plot into a grand

urban greenscape, revitalising the surrounding area.Indeed, research by Economic Research Associates assertsthat the Bryant Park redevelopment increased the leasingactivity on the adjacent 6th Avenue by 60% in the 24months ater the park opened and oce rents by as muchas 40%. 16

The human amenity value o Bryant ParkThe economic value created by the Bryant Parkredevelopment stems partially rom the areas provisiono human amenities. Gensler has worked with multipleclients to build on the parks success and leverage the

space as an urban campus or clients, with human valueplaying a critical role in the design process to maximise theattraction, retention and motivation o the local workorce.

MetLie relocates to Bryant ParkIn 2008, Gensler worked with MetLie to expand its NewYork City presence to the west o Bryant Park, linkingthe company to the rich resources, networks and culturalactivities o an urban setting.

Working closely with MetLie, Gensler conducted a multigenerational research study to address the desire or a

space that was both green and accommodating to itsdiverse and mobile workorce. The ndings pointed to adynamic, diverse, educational and social environment thatsupports a healthy, restorative balance between work andlie. The result was an urban campus with Bryant Park asthe central quad.

The park has had a signicant impact on the interiordesign o MetLies new home and how they denethemselves in their community, said Gensler New YorkWorkplace Leader Tom Vecchione.

A sustainable building or Bank o AmericaProminently sited on Bryant Parks west side, Bank oAmericas environmentally responsible oce tower rises51 stories above the parks lawn. Gensler designed Banko Americas LEED Gold interiors, 36 foors, with thebuilding as a whole achieving LEED Platinum certicationrom the U.S. Green Building Council. A natural extension

o the workplace, the park oers a place to eat lunch, aswell as a venue or inspired collaboration.

Case Study: The human amenity value oopen spaces in Bryant Park

New York, NY: Bryant Park


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Over hal o the worlds population now live in cities,with this gure reaching 90% in the UK. The growth o

urban areas is subsequently putting great stress on themaintenance and preservation o open spaces, which has anegative environmental impact.

Open spaces help to alleviate the heatisland efect.The increase in the amount o hard suraces and thereduction in the proportion o green open spaces combineto raise the average temperature in towns and cities.

A study by Whitord, Ennos, and Handley (2001) o oururban areas on Merseyside, UK, reveals that the mosteective means o overcoming this issue is through themaintenance and creation o green open spaces witha high density o trees. The study concluded that the

temperature was 7C cooler where vegetation cover was50%, compared to areas where vegetation cover was only15%.17

Alleviating the heat island efect will helpto combat climate change.Over the next 50 years, it is anticipated that summertemperatures will rise by between 3 and 5C (UK ClimateImpacts Programme, 2006).18 60% o the people wesurveyed believe that urban open spaces contribute toclimate moderation. Research substantiates this belie,illustrating that an extra 10% o green inrastructure canreduce the urban heat island eect by 3C, thus helping tocombat the impacts o climate change.19

Open spaces contribute to

improved air quality.52% o our surveys respondents believe that openspaces can help to oset carbon emissions. This view issubstantiated by research rom the United States whichpurports that a large healthy tree can store up to 93kg oCarbon per year (Nowak 1994, 2006).20

Open spaces help to conserve biodiversityin urban areas.An overwhelming majority (77%) o our surveyrespondents believe that open spaces have a positiveimpact on ecological diversity in cities. Public green spaces

are critical in the preservation o natural systems, includingcarbon, water and other natural cycles, within the urbanenvironment, supporting ecosystems and providing thecontrast o living elements in both designed landscapesand conserved wildlie habitats within urban settlements.21

Sustaining the environmental valueo open spacesGovernments all over the world are beginning to realisethe true environmental value o open spaces. Indeed,in January 2011, the Design Trust or Public Space and

the City o New York published the High PerormanceLandscape Guidelines: 21st Century Parks or NYC.

The paper publishes a set o guidelines or New Yorksurban open spaces, which include: keeping rain waterwithin parks or the use o plantings rather than sendingit to sewers; increasing the resiliency o plantings byconsidering the soil, the eects o climate change, theplant type and uture maintenance needs; and designing tosave labour, reduce operating expenses and decrease therequency o capital replacement.22

These guidelines are certainly well grounded in researchand can be seen as a model o best practice in the eld o

protecting the environmental value o open spaces.

Finding Six: Open space has a denable environmentalvalue; even small-scale open space can make a positivecontribution to the environment.

Carbon Ofsetting

Climate Modernization

Flood Control

Ecological Diversity

Open spaces have a positive impact on theollowing actors:

0 10 20 30 40 50 60 70 80 100


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The development and maintenance o open space in mostEuropean cities is largely within the remit o government.

There is much evidence, however, o private sectorinvolvement in the development and maintenance o openspaces in European cities. Although the BID model is notas widespread in Europe, in many countries like Franceand Spain, business associations such as the chamber ocommerce act as a acilitator or publicprivate sectorpartnerships in the development o open spaces.

There are also more examples o developers initiatingdialogue with local government and establishingcollaboration rameworks or specic projects.

The NetherlandsIn Utrecht, in The Netherlands, shopping centre developerand operator Corio set out to reurbish 67,000 m2 ogross lettable land in the redevelopment o the HoogCatharijne shopping centre as part o a major ten yearredevelopment programme which began in 2009. Inaddition to reurbishing The Netherlands premiershopping destination, Corio aimed to create a world classpublic realm.

A partnership agreement, involving Corio, the City o

Utrecht, as well as various retail and transportationpartners, was critical in overcoming the issue oragmented land ownership and continued cooperationbetween all stakeholders will remain critical to the successo the project.23 Public space is managed by privatestakeholders under a clear service agreement.

We tried to establish a mutual vision or the projectand its open space inormed by a citizen and consumerperspective. The act that we could manage the publicspace ourselves would make it an even more attractiveinvestment as maintenance is not at the top o the public

sectors agenda. The public sector is in a position to luremore investment by enhancing the role o private playersin this perspective said Gerard Groener, CEO, Corio NV.

SpainIn 2000, Barcelona City Council approved an urbanplanning ordinance aimed at transorming the 200hectares o previously derelict industrial land in thePoblenou quarter into a new innovative business district.Within the new 22@ zone, developers were given newopportunities and increased rights i they were willing toshare the preparatory costs o the urban transormation.24

Initially, Barcelona City Council provided the initial catalystor change. However, urther redevelopment within the22@ district has taken place through partnership workingbetween the city council, private sector companies and the22@ BCN company.

In exchange or a planning permit, which allows or achange in land use or land development density, the citycouncil 1) demands 30% o the total land area o theproposed development or the equivalent current monetaryvalue o the land to be transerred to the city; and 2)charges a development levy o 80 per square metre oland developed (updated annually). The transers andlevies are donated directly to the publiclyowned 22@BCNcompany and are an excellent example o value capturenance in practice.25

Subsequently, the company is also responsible ormanaging the reinvestment and redistribution othese unds within the district, which includes a strongcommitment to the creation and preservation o openspace. The 22@ Barcelona project is committed to devoting10% o the previously industrial land to the creation o114,000 square metres o green spaces and 145,000 squaremetres o public acilities in the area.26

Finding Seven: One size model or creating open spacedoesnt t all successul development and maintenancemodels vary rom city to city.

Barcelona, Spain: Agbar Tower, 22@ District


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Our survey reveals that 84% o our respondentsbelieve that both the public and private sector should

be responsible or the development o open spaces.This percentage increases to 100% among developers,indicating a clear willingness o those in the private sectorto engage in the development o open spaces.

Towards a sustainable model or open spacesAcross the countries surveyed, the Business ImprovementDistrict (BID) model is viewed as one o the best modelsor public / private collaboration at the local level.

As seen above, 61% o our survey respondents believethat unding or the development o open spaces shouldcome rom local government taxes. This percentage does,however, drop to 52% amongst public sector workers, whoadvocate unding through business taxes and charitable

trusts, and increases to 65% among developers.

In the current economic climate, local governments areunlikely to develop new open spaces and are strugglingto pay or existing ones. Realistically, there is no revenuestream with which local government can develop openspaces on their own. However, promisingly, 82% o ourrespondents stated that they would be prepared to investmore in open spaces i there was a fnancial incentive.

Finding Eight: All agree on the need or new collaborativemodels to nance, create and maintain open spaces.

40 50 60 70 80 100

Who should be responsible or the maintenance

o open spaces?

30

Private sector

Central and local government

Charitable Trusts

Combination o public and private sector

0 10 20

These ndings are rearmed by Baroness Jo Valentine,Chie Executive o London First, who asserts that most

commercial property developers recognise that there isreal value in enhancing the public realm. Most are alsoprepared to invest as upgrading an area leads to betterbusiness and greater real estate value.27

The maintenance o open spaces, however, remains anissue, with 69% o respondents believing that both thepublic and private sector should be responsible or themaintenance o open space.

Potential barrier to investmentAccording to Baroness Valentine, the biggest hurdlein attracting private nance or the development/improvement o open space is not in convincingdevelopers it is worth it, but in convincing them that theirinvestment will be preserved and maintained adequately.28

Increasing tax burden can also represent a barrier orcooperation. Ian Mulcahey, o Gensler, declares that UKbusinesses are already burdened by high business rates,but there is a disconnect between taxation and the needso local business as business rates are paid to centralgovernment and reallocated to local authorities notalways in line with their needs and concerns.

Can BIDs provide the ramework neededor public/private sector collaborationon open spaces?With so many other priorities or the public purse, theincome stream diversity o the Business ImprovementDistrict (BID) model becomes increasingly appealing.Although BID organisations were originally considereda North American phenomenon, with the rst oundedin 1971 in Toronto, it has emerged as an internationallydiused model or urban revitalisation.

The BID model represents a fexible orm o governancethat allows participants to crat localised solutions wherestate and local unding is limited. The model provides anopportunity or multiple shareholders to organise, operatewith autonomy and manage programmes to improve thephysical, economic and social conditions within theirgeographical jurisdiction.

The rst UK BID, Kingston First, was established six yearsago, and the model spread rapidly to a total o 108 UKBIDs.


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Untapped commercial investmentMore London based survey respondents believe in thevalue o open space than their European counterparts,with 97% eeling that open space adds value to commercialproperty, compared to 95% o European respondents.

In recognition o its commercial value, 93% o our Londonbased respondents are prepared to pay at least 3% more tobe within close proximity o open space, compared with anaverage o 90% across all survey respondents. From those,32% would be prepared to pay between 5% and 10% more,

another 35% would be prepared to pay between 10% and15% more and 16% would pay in excess o 10%.

With commercial space costing an average o 47.8/sq t inLondon, resulting in an overall commercial real estate valueo 9.3 billion in the West End, Midtown, City core andouter core, Southbank, Canary Whar, Docklands alone,this represents 1.3 billion o untapped investment*.

Since occupiers are prepared to pay a premium to be closeto high quality open space, this premium could be used toimprove surrounding open areas through tenant/landlord

agreements, business improvement districts and othercollaborative models, says Ian Mulcahey o Gensler.

Creatively bridging the investment gapEven though our research has shown that there is 1.3billion/year o untapped investment in London, there stillneeds to be thoughtul discussion as to how to bridge thisinvestment gap.

92% o our UK respondents believe open space should benanced through a publicprivate partnership, comparedto 84% across the whole o our survey. In addition to this,75% o UK respondents believe open space should bemaintained through a combination o public and private

investment.

Our survey indicates a strong consensus that a publicprivate partnership would be the most appropriate andeective means o unding and maintaining open spaces.Only 49% o our UK respondents (versus 61% o overallrespondents) believe open space should be undedthrough local government taxes and only 30% believe itshould be unded through business taxes, revealing thatLondon based respondents place less onus on governmentinvolvement than those in continental Europe.

*equation details, page 21

When it comes to open space, the BID model givesbusinesses and local authorities an opportunity to rectiyproblem spaces through partnership, says Dr. Julie Grail,Chie Executive o British BIDs. As opposed to the NorthAmerican BID model, in which both owners and occupiersare responsible or paying a levy, the British model, due toUK taxation, relies on contributions rom occupiers. Thisorces BIDs in Britain to clearly outline short and mediumterm benets to local businesses, placing a real value onpublic realm.

Baroness Valentine cites the redevelopment aroundSt. Giles Circus as an example o a BID successullydelivering high quality open space in London. Central tothis development is the arrival o Crossrail at TottenhamCourt Road Station in 2017 and the redevelopment o theLondon Underground station.

Representing the interests o 560 businesses, InMidtownis a BID which aims to add value to the plans already inplace and works with the statutory authorities, ownersand developers to help deliver quality public spaces whichensure St. Giles Circus and its wider hinterland become aquality London landmark.29

Many BIDs express rustration with local councils inrelation to the development and maintenance o spaces.Baroness Valentine eels that businesses would pay more itheir contract with the council was clearer and i there wasa greater degree o control in how the space is managed.30

Furthermore, Baroness Valentine believes that businessescan be persuaded to invest more i they have greaterleverage over local councils with regards to the way thatmoney is spent. When it comes to open space, there needsto be a mechanism that recognises which spaces wouldbenet rom unding and how unds would be applied.

Although open space is not the main remit o the BIDmodel, there is no reason why a simplied version othe BID model cant be used to acilitate the unding,development and maintenance o open space in relation tosmaller urban areas such as squares, terraces, courtyardsand other spaces in between buildings.

City Focus: Open spaces in London


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Open space inequity steals value rom someLondon real estate submarkets

Gensler worked with Happold Consulting to establishwhether occupiers willingness to pay a premium oraccess to open space translate into a higher marketvalue.

We analysed higher rental values in West Londonversus lower ones in the City to see i open spaceaected the value gap between the two locations.Accessibility to such amenities appears to be amongthe important variables aecting the dierent marketconditions between the West End and the City,

The survey highlighted the act that open spacewas more important than prestige o address andbuilding aesthetics when considering location, saysHugh Mulcahey, Director o Happold Consulting Thegenerous provision o large scale open spaces in andaround the West End contrasts notably with the muchlower provision within the historic City o Londonand clearly could be part o the reason or the valuedierence.

Maximum Adopted RateableValue per Postcode(Oce Sector, per M2)

800 1000

1000 +

600 800

400 600

200 400

0 200

As a global nancial centre, rivalled only by New York,London is challenged with continuous population growthin the ace o limited land availability. The Mayors LondonPlan recognises that spatial development plays a key rolein ensuring London is a livable city and maintaining itsposition as a leading global metropolis:

London orms part o North West Europe, along withParis and the Ile de France, the Randstadt cities (likeAmsterdam and Rotterdam) in the Netherlands, Brusselsand the Rhine/Rhur cities like Essen or Dortmund. Thesecities ace common challenges, such as economic changes,community cohesion, inrastructure investment anddelivery and local and global environmental threats. Whilethe European Commissions Spatial Vision or North WestEurope highlights London as one o the pivotal centres othe world economy, it also identies the London area as abottleneck to crossEurope movement, reinorcing theimportance o improving transport inrastructure aroundand within the capital. This will mean ensuring the mostecient use is made o Londons limited reserves o land,identiying places with the potential or development on astrategic scale, and ensuring policies are in place to enablethis to happen.31


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OverviewOver the last orty years, the Thames has been at thecentre o a cultural renaissance. The redevelopment thathas taken place has improved public accessibility to theThames and repositioned it as the most important arteryrunning through London. However, there still remainsunder utilised stretches along the river.

A new river rontageGenslers vision will be to create a new River Park alongthe northern shore o the Thames, revitalising one o themost important historic river rontages adjacent to theCity o London. The urban, horizontal icon will provide the

rst continuous riverwalk along the north shore, betweenBlackriars and the Tower o London, with completionmarked or 2012 to coincide with signicant events such asthe Queens Diamond Jubilee, the London Olympic Gamesand the Lord Mayors Pageant.

The River Park will be an explicit connector betweenthe Tower o London, Tate Modern and St. Pauls, whichbetween them already attract over ten million touristseach year. The icon will provide an exceptional vantagepoint to explore the city whilst acting as a theatre or aprogramme o changeable events and eatures.

The scheme won Best Conceptual Project and theMayors Award or overall Planning Excellence at theLondon Planning Awards 2011.

Creating a new urban spaceThe River Park will not only be a new urban space orleisure, but will create an alternative stage upon whichkey domestic and International events can be hosted.The foating City annexe will create a truly innovativeand memorable experience or visitors. The project isconceived as a temporary acility where all the platormsand gangways can be foated into and out o position.

The lasting legacy will be the marine inrastructure andmoorings that urther reinorce and activate the use o theriver, as well as its ability to stage uture events.

London, England: London River Park, Sketch

Case Study: Creativity in the development o open spaceat London River Park


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OverviewAs part o the survey, we asked London based respondentsto rate the best and worst areas or the provision o openspace in London. East London and midtown, ollowedby the City were perceived as the worst areas and WestLondon, West End and North London as the best areas.Londons hosting o the 2012 Olympics, however, is alreadyspurring urban revitalisation with the aim o altering theseperceptions.

Olympic renewal in the East o LondonThe London 2012 Olympic and Paralympic Games areexpected to draw crowds in excess o 180,000 people per

day to the Olympic Park. Ater the Games, the OlympicParks investments in transport, sports, and open spaceamenities will be one o the main catalysts or thetransormation o East London.

One o the key aspects o the Olympic Parks legacyplanning is the creation o a new Metropolitan districtin East London to accommodate Londons continualpopulation growth. Indeed, the Olympic Park area and itssurroundings will be the ocus o Londons rapid eastwardexpansion. It is estimated that 25% o Londons growth islikely to be housed in this area over the next 20 years.32

Over time (20122014 and beyond), the postGamesQueen Elizabeth Olympic Park and its surrounding areaswill develop into an exciting new piece o the city.

The Park as a whole will eature 250 acres o open spaceanchored by two distinct park areas along the River Lea a river valley landscape to the north combining wetlandhabitat with active play and a south plaza or large events,estivals, and civic gatherings. The Park will have over 226.5 miles kilometres o interlinking pathways, waterwaysand cycle paths improved waterways connecting the siteto the 42kilometre Lee Valley Regional Park, extendingrom the River Thames to Ware in Hertordshire. OlympicPark Legacy Company Chie Executive Andrew Altmansaid, The Queen Elizabeth Olympic Park will reconnect ahistorically disjointed part o the City and bring together

new and existing communities to enjoy a diverse set onew open spaces along the River Lea.33

The role o open spaces in the regenerationo East LondonThe Queen Elizabeth Olympic Park along with a networko walking and cycling routes will make an importantcontribution to the regeneration o East London.

The regeneration process is a unique opportunity to weavethe Parks open spaces, new sporting venues, employmentareas and high quality amily neighbourhoods into the

abric o East London. Along with signicant new bridgesand connections to the wider area, this will help catalysecontinued development and make this new district oLondon an inspiring place to live and work.34

Case Study: Open space and the London 2010 Olympics

London, England:Olympic Legacy Park


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Our survey results and the secondary research conducted in the development o this paper have

concluded that open space has a denitive commercial value, but much debate still exists regardingthe best way or all stakeholders to actively create open spaces as a way to drive economic, human,

and social value.

We have highlighted a number o best practice examples o open space investment models and

discussed in detail the viability o the widespread adoption o these models, with a ocus on the

concept o Business Improvement Districts as an exemplar model or collaboration.

From our research, we have identied 10 key themes with regards to open spaces. The themes are

by no means meant to be prescriptive, but represent possible avenues or urther discussion, debate

and action in order to realise the ull potential o urban open spaces.

1. Population increases are putting extra pressure on thelimited open space resources o successul cities.

2. To become, or remain, livable, cities should be

encouraged to establish a minimum open space targetper capita in order to secure adequate open spaceprovision or uture generations.

3. In cities where land is scarce, open space needs to bethought o in more creative terms (revitalisation ounder used building plazas, construction o river parksand multiuse spaces, conversion o spaces in betweenbuildings, roo terraces, etc).

4. Open space unding, maintenance and developmentshould be undertaken through public and private

sector collaboration.

5. The private sector is prepared to pay a premium oropen spaces. The survey respondents are willing to payup to 3% more to be located within close proximity tohigh quality open space.

What Next?

10 Key Themes

6. Cities need to capitalise on the private sectorswillingness to pay a premium or good quality openspaces through collaborative public and privatepartnership unding, maintenance and development

models.

7. The Business Improvement District model (BID)provides an efective ramework or local governmentand businesses to engage in the improvement andmanagement o existing open spaces in the short,medium and longterm.

8. In the case o new developments, developersshould strive to include open space as part o theirdevelopment proposals and engage the public sectorin their vision.

9. Cities should seek to develop more mechanisms/collaborative development models or the creation onew open spaces.

10. It is within the remit o key gures within the realestate industry to champion the implementation oexisting collaborative models and the development onew ones.


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1 Gardenvisit.com (2010): The 1943/44 Abercrombie Plans,Tom Turner (MA, Dip LA, MLI), http://www.gardenvisit.com/

landscape_architecture/london_landscape_architecture/landscape_planning_pos_public_open_space/194344_abercrombie_plan, February 2010

2 CABE Urban Green Nation, Building the Evidence Base,March 2010

3 GLA Intelligence 2009 Round Demographic Projections orthe London Plan, August 2010

4 Whyte, William H., The Social Lie o Small Urban Spaces(1980)

5 Project or Public Spaces (2010): 10 Principles or SuccessulSquares, http://www.pps.org/articles/squaresprinciples/, 21February 2011

6

Urban Land Institute (2009), Global Demographics: ShapingReal Estate Futures, June 20097 Lincoln Institute o Land Policy (2011): Making Room For

a Planet o Cities, http://www.lincolninst.edu/pubs/1880_MakingRoomoraPlanetoCitiesurbanexpansion,21 February 2011

8 American Planning Association (2010): How Cities UseParks For Community Engagement, http://www.planning.org/cityparks/briengpapers/communityengagement.htm,21 February 2011

9 HaenCity Hamburg (2010): Facts and Figures, http://www.h aencity.com/en/overview/haencityactsandgures.html, 08 December 2010

10 Ibid.11 Ibid.12 CABE (2010): Community green: Using local spaces to

tackle inequality and improve health, http://www.cabe.org.uk/publications/communitygreen, 21 February 2010

13 The term Pyramid o human needs is derived romAbraham Maslows hierarchy o needs as described in his1943 paper, A Theory o Human Motivation, OriginallyPublished in Psychological Review, 50, pp. 370396.

14 Jane Jacobs, The Death and Lie o American Cities (1964)15 Gensler Workplace Survey (2008)16 Patrick L. Phillips (undated): ERA Issue Paper: Real Estate

Impacts o Urban Parks17 CABE (ND): The Value o Public Space, http://www.cabe.org.

uk/les/thevalueopublicspace.pd, 08 December 201018 Green Space (2010): Environment, http://www.green

space.org.uk/resources/aboutparks/environment.php, 08December 2010

19 Liverpool City Council (2010): The Value o Parks andGreen Spaces, http://www.greenspace.org.uk/downloads/Publications/The%20Value%20o%20Parks%20%20LCC.pd, 08 December 2010

20 Dr. Cecil C. Konijnendijk, Danish Centre or Forest,Landscape and Planning, University o Copenhagen (2007):Urban Forestry and Climate Change, http://www.unece.

org/hlm/sessions/docs2009/presentations/06.CNC.Konijnendijk.pd, 08 December 2010

21 Our Ground (2010): Public Open Green Space, http://www.ourground.net/, 08 December 2010

22 Design Trust or Public Space and New York City Departmento Parks & Recreation (2010): High Perormance Landscape

Guidelines: 21st Century Parks or NYC, http://www.nycgovparks.org/sub_about/go_greener/green_capital.html,21 February 2011

23 Corio (2010): Creating Favourite Meeting Places, http://www.corioeu.com/tl_les/content_resources/pd/publications/Corporate_Brochure.pd, 21 February 2011

24 Urban Land Institute (2009): Urban Apostles, Urban LandInstitute/PropertyEU

25 Ibid.26 Ibid.27 Interview with Joe Valentine, Chie Executive, London First28 Ibid.29

Ibid.30 Ibid.31 Mayor o London (2008): The London Plan: A Spatial

Development Strategy or Greater London, Extract Chapter 232 Olympic Park Legacy Company (2010): A New Metropolitan

Area For London, Olympic Park Legacy Company33 London 2012 (2010): London 2012 Games to leave new

park or London in legacy, http://www.london2012.com/press/mediareleases/2010/01/london2012gamestoleavenewagreatparkaorlondoninlegacy.php, 08December 2010

34 Olympic Park Legacy Company (2010): Open Space andWaterways, http://www.legacycompany.co.uk/utureplans/

openspaceandwaterways/, 08 December 2010

*Untapped investment equation:

906,321,257 sq t (total commercial oce space in London*)x 47.8 (Average price per square oot**) = 43,322,156,084(value o Londons real estate)

3% (a minimum o 3% more is how much people wouldbe prepared to pay to be close to good open spaces) o43,322,156,084 = 1,299,664,682

1.3 billion = the value o untapped private investment thatcould be leveraged to improve open spaces i we had moresuitable development models in place.

*London = West End, Midtown, City core and outer core,Southbank, Canary Whar, Docklands

*Source: Communities and Local Government Analysis oValuation Oce Agency gures latest data available: 2008

*Cushman & Wakeeld sub-prime markets data average 2010rental values

Reerences


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About ULIULI the Urban Land Institute is a nonprot researchand education organisation supported by its members.Founded in Chicago in 1936, the institute now has over30,000 members in 95 countries worldwide, representingthe entire spectrum o land use and real estatedevelopment disciplines and working in private enterprise

and public service. In Europe, we have over 2,000 memberssupported by a regional oce in London and a small teamin Frankurt.

ULI brings together leaders with a common commitmentto improving proessional standards, seeking the best useo land and ollowing excellent practices.

We are a think tank, providing advice and best practicesin a neutral setting valuable or practical learning,involving public ocials and engaging urban leaderswho may not have a real estate background. By engaging

experts rom various disciplines we can arrive at advancedanswers to problems which would be dicult to achieveindependently.

ULI shares knowledge through discussion orums, research,publications and electronic media. All these activities areaimed at providing inormation that is practical, down toearth and useul so that ontheground changes can bemade. By building and sustaining a diverse network olocal experts, we are able to address the current and uturechallenges acing Europes cities.

Download the 2011 calendar o events and activities orULI Europe rom www.uli.org/europe.

About the ULI Urban Investment NetworkThe ULI Urban Investment Network (UIN) is anindependent European network designed to promote andencourage world class investment in urban development.The initiative was developed by the Urban Land Institutein collaboration with a group o leading cities, EuropeanInstitutions and private sector organisations. It is an opennetwork that continuously recruits new members andpartners.

The Network creates a continuous dialogue betweenpublic and private sector leaders who are seeking toimprove their ability to collaborate on urban investment.Its premise is that publicprivate relationships with a highlevel o collaborative working provide ample opportunitiesto bridge investment gaps and overcome city developmentchallenges.

www.urbaninvestmentnetwork.com

AcknowledgementsGensler and the ULI would like to thank Hugh Mulcaheyrom Happold Consulting, Baroness Jo Valentine romLondon First and Dr. Julie Grail rom British BIDs ortheir contribution to this report. With special thanksto Roger Madelin rom Argent, Gerard Groener romCorio NV, Jeremy Newson rom Grosvenor, David Telord

rom Hurleypalmerfatt, Sir Stuart Lipton rom ChelseldPartners LLP and Elaine Rossall rom Cushman & Wakeeld.

TEAM AND PRODUCTION NOTES

Research TeamAlessandra Almeida Jones, GenslerAnna Robinson, GenslerGareth Evans, Inside CitiesSarah Nemecek, ULITim Pittman, Gensler

Creative + Editorial TeamAlessandra Almeida Jones, GenslerAlexandra Notay, ULIAnna Robinson, GenslerStephanie Gomez, GenslerDeirdre Reidy, GenslerGareth Evans, Inside CitiesKate Kirkpatrick, Gensler

Advisory TeamChristopher Johnson, GenslerIan Mulcahey, Gensler

Greg Clark, ULI

Photography CreditsHaenCity, Hamburg: Marco Polo Terrassen, Page 10 Photographer: T. Kraus; Courtesy o: HaenCity HamburgGmbHNew York, NY: Bryant Park, Page 12 Photographer:Nicole K Cioe, Source: istockphotoBarcelona, Spain: Agbar Tower, 22@ District, Page 14 Courtesy o: The Urban Land InstituteMaximum Adopted Rateable Value per Postcode, Page 17 Courtesy o: Happold Consulting

London, England: London River Park, Page 18 GenslerConcept SketchLondon, England: Olympic Legacy Park, Page 19 Courtesy o: Olympic Park Legacy Company

About GenslerGensler is the worlds leading design rm or businesses.Globally networked across 35 locations on ve continents,Gensler leverages its deep resources and diverse expertiseto develop design solutions or industries across the globe.Since 1965, Gensler has collaborated with clients to createenvironments that enhance organizational perormance,

achieve measurable business goals, enrich people andcommunities, and enhance everyday experiences.

www.gensler.com


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Documents

Open Space_an Asset Without Champion_FINAL