Development of Public Spaces as a Condition for Balanced Development of Regional Socio-Economic System

In the article, the author examines the process of transition from conceptual planning of public spaces to the implementation of a strategy for the introduction of advanced techniques and management tools in accordance with the general dynamics of regional socio-economic development. The study shows how the complex institutional structure of public space is formed at the intersection of social and economic space of the region and generates unique multiplicative effects, which are unlikely to be achieved using other tools of regional development. The study indicates that the high integration of public spaces into the economy of the region and its social system is achieved due to their high functionality for each of the subsystems of the region – economic, environmental, social and institutional ones. The author substantiates that sustainable development, being a powerful economic trend of our time, is largely due to the development of a comfortable living environment, which in turn is based on the stability of the functioning of public spaces and the prediction of their main components. As elements of the scientific novelty of the research presented in the article, it is necessary to note the author’s attempt to characterize public spaces not only from a traditional socio-cultural, but also from an economic point of view. They are considered as possible objects of successful commercialization of a number of products and services related to their activities, as well as additional economic benefits for the city and the region from those economic entities which earn large incomes by operating in close proximity to public spaces. It is also proved that if the principle of participation is properly taken into account when creating public spaces, they can quickly turn into a driver of economic growth in the region.