The role of innovation parks in shaping modern urban landscapes: a socio-economic and environmental perspective

Policies and the creation of innovation parks have become a major global phenomenon significantly influencing the economic, societal, and ecological environments of urban centers. However, problems of housing accessibility or social equity in innovation park development are still underdeveloped in the literature. To pursue this research objective, this article integrates systematic, comparative, and critical analyses concerning the socio-economic and environmental effects of innovation parks on urban infrastructure. Studies show that innovation parks can decrease CO₂ emissions by 25 % in Europe and 15 % in Ukraine by introducing new approaches to using renewable energy and utilizing the green zones of innovation parks. In the economic perspective, they promote growth by bringing investments that are almost €10 billion across Europe and contributing to creating more than 5,000 startups. On the social level, innovation parks enhance the policy of social inclusion and help create favorable conditions for the growth of small and medium-sized enterprises; however, such positive trends as an increase in housing costs (for instance, in Europe, housing costs have increased by 15% per five years) require a differentiated and effective policy. Implication for practice in integrating innovation parks with social equality and housing affordability is presented in the study. Future research should approve research on effective strategies for implementing social programs targeting different population types and understand the significant global environmental impacts of innovation parks.