Valuing Aesthetic Features of the Public Realm : Evidence from London Town Centres

This study considers the extent to which architectural design is capitalised into commercial rents, with the goal of understanding whether passers-by value aesthetic features of the public realm. To this end, it uses Google Streetview data on the ornateness of London facades, and uses a town centre fixed effects specification. It finds that architectural ornateness of facades is capitalised into commercial rents, and that individuals are willing to pay for distinctive architecture within the public realm