by Brianna Crandall — December 30, 2016 — As city leaders around the globe strive to foster sustainable urban development, UN-Habitat, a United Nations program working toward a better urban future, invoked the assistance of various industry experts to compile Finance for City Leaders, a comprehensive analysis that outlines strategies for managing unprecedented demographic, environmental, economic, social and spatial challenges.
Finance for City Leaders is a comprehensive analysis that outlines strategies for managing unprecedented demographic, environmental, economic, social and spatial challenges with city growth planning.
Through bringing large numbers of people into close proximity, cities can spark economic growth, foster innovation and generate prosperity, notes the report. They also face pressing challenges of creating a livable environment for residents, enabling economic activity that benefits all citizens, and encouraging urban development that is environmentally sustainable, equitable and resilient to disruptive forces. Particularly urgent is the need to finance this development, according to the report.
Doug Carr, vice president of Public Institutions at global financial and professional services firm JLL, pointed out:
By 2050, close to 70 percent of the world’s population is projected to live in cities. Not surprisingly, that poses quite a challenge with spiraling demand for space juxtaposed against a limited supply. As we point out in the book, employing a coordinated and disciplined approach to urban planning across public and private sectors offers a number of important benefits and advantages to cities facing the challenges posed by this rapid urbanization.
Published by UN-Habitat, Finance for City Leaders presents innovative solutions for improving municipal finance, showcasing best practices for improving and sustaining municipal finance, and disseminating lessons learned. The handbook is intended for municipal authorities, technical staff of municipalities and urban development practitioners.
Carr, along with co-authors Greg Clark, chair of JLL Cities Research Center, and Tim Moonen, director of Intelligence at The Business of Cities, presented insights in a chapter titled “The Role of Real Estate Development in Urbanizing Cities.” In addition to outlining the function of real estate development in growing cities, the chapter explores:
- Global phenomena impacting urbanization and real estate;
- The emerging role of city growth planning, including analytical frameworks for intelligent planning and coordinated land use planning;
- How cities can capture and leverage increases in land and property values using public private partnerships;
- Intelligent planning through highest and best use analysis and master planning;
- How public authorities can attract private capital and co-investment; and
- Strategic imperatives for “Established,” “Emerging” and “New World” cities and how real estate can make them competitive within their category.
According to the handbook, the rate of building construction today is faster than ever. Demand for private capital investment is increasing for real estate and surrounding infrastructure in emerging cities. In more established cities, where the pace of change is usually slower, shifts in technology, demography and sustainability imperatives are also driving real estate change.
Finance for City Leaders is available for free download from the UN-Habitat Web site.
