In defining what a ‘Place’ is, the popular idea is a physical environment or geographic location; however, a holistic definition is that a place is not just about its geography but also about the planning and structures that have been put in place to foster human interaction by creating perceived value. Over the years, forward-thinking countries have realised the importance of places as assets to them and have since been making efforts towards place-based interventions. A place can be where production takes place, but more importantly, it is where value is added. That value can be improved quality of life and productivity of the inhabitants and visitors. Different places can serve a host of functions. Different places can serve a host of functions, from residential (houses, estates) and commercial (offices, retail stores) to industrial (factories, warehouses).
This leads to the question of what makes a great place, and answers can be found in global cities. According to a report by Kearney, a global city is “measured by its ability to attract and retain global capital, people, and ideas and to sustain this performance in the long term”. The report also included the Global Cities Index. A closer look at the top-ranking cities showed locations across Asia, Europe, and the United States.
Source: Kearney 2021 Global Cities Report
These are cities that host multinational companies, air and sea freights, institutions with international reach, and recreation facilities such as culinary shops, museums, and sports venues. These factors have made places like New York, Beijing, and London attractive to talent and trade and innovation, thus becoming globally competitive.
While it is interesting to talk about the achievements of these global cities, it is important to note that great cities do not just materialise on their own; they are built. Great places are made and certain features must be considered in placemaking. At the basis of placemaking is the ability to identify a place's inherent value. This could be the presence of a historical site, the population size, the earning power of the inhabitants, or its geographic location.
Next is creating real estate in such a way that it enhances and monetizes this available value. Real estate can include restaurants, parks, shopping malls, bookstores and so on depending on the function of the place. In building, it is important to ensure that amenities for security, energy supply, water supply and waste management are provided because they are contributors to the quality of lives of those in these places.
Connectivity is another key component of placemaking. When places are inaccessible, no activity can be carried out which invariably means no patronage. Without patronage, a place is of little or no value. Transportation networks and Infrastructure for air, road, rail, and water are prerequisites for building great cities. China’s high-speed railway is a worthy example of the benefits of transportation infrastructure, with shortened travel times improving proximity, safety, and tourism, among other social and economic benefits, as reported by the World Bank. The report also stated that the rate of return was well above the capital invested in the railway project, thus proving that infrastructure can fund itself.
Note that the features of placemaking will vary based on scale. For instance, the amenities in a neighbourhood or community will likely not be as numerous as those in a city or region. Project for Public Spaces (PPS) captures the importance of scale in their Power of 10+ concept. By creating a variety of amenities that offer immersive experiences to people in residences, neighbourhoods, cities and countries, places can transform and thrive. The idea is to give users of these places 10+ reasons to be there.
Source: Project for Public Spaces
Considering the benefits of placemaking and the effort it requires, one might wonder who has a role in it: the government or the private sector. The answer is that the government plays a major role in placemaking. Many places include public spaces and infrastructure whose costs cannot be shouldered by private companies alone. The private sector is concerned with profitability, and without government intervention, public spaces may become difficult to afford, limiting access for a larger percentage of the public. Although placemaking is primarily the responsibility of the government, they can engage in public-private partnerships to drive the scalability of projects that can enhance placemaking.
One challenge to building great cities is the failure of the government to assetize what it has in terms of real estate. This can be tangible—such as land size in square meters—or intangible—such as the amenities and attractions that the place offers. Hence, assetization is important for any country that wants to improve its liquidity. Additionally, leaders must realize that real estate is not only physical but also digital. Forward-thinking countries will enhance their space-based assets by creating connectivity through the internet, cloud-based services, and other digital infrastructure.
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