New Life in Old Spaces — Experts on the Role of Creative Clusters in Urban Transformation
Creative clusters — often emerging through the redevelopment of former industrial sites — are becoming a critical tool for addressing economic, environmental, and social challenges in major cities. Business FM spoke with industry experts to explore why these formats are increasingly shaping the agenda for urban development. Among the contributors was Sergei Georgievskii, Co-founder of the Agency for strategic development "CENTER".
The discussion, published in three parts, covered the full lifecycle of creative clusters — from global benchmarks and development stages to rental models and the growing role of the state in the sector.
Sergei Georgievskii on the value of creative clusters:
“Creative clusters are typically linked to the redevelopment of former industrial territories — and this is a clear advantage, as they bring new life into underutilized urban areas. They drive economic growth — primarily through investment activity and the expansion of small and medium-sized businesses. These clusters act as growth drivers — increasing the value of surrounding real estate and strengthening local economies. In many cities, they also stimulate tourism, as they become points of attraction, shape new urban identities, and enable the preservation and reinterpretation of cultural heritage.”
On premium rental levels:
“Clusters are often located in unique buildings with strong spatial characteristics — prime locations, distinctive architecture, and curated design. They create an environment that supports creativity and self-realization, fostering communities of like-minded individuals. This positioning naturally translates into higher rental rates.”
On the role of the state:
“The public sector increasingly recognizes the creative economy as an integral part of national culture. Without targeted support and a structured framework for development, it risks external pressures and fragmentation. As a result, the state is becoming a more active investor — helping to stabilize and scale the sector.”
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