As audiences splinter across hundreds of cable channels, time shift with the iPods and remove commercials altogether with DVR and TiVo, advertisers are seeking new ways to reach their prospects. Writing for The Wall Street Journal, Brian Steinberg and Suzanne Vranica suggest that the new world of advertising just may be real estate. "... the Nokia Theatre, which opened in New York City's Times Square last year, was filled with opportunities to build advertising into the concert venue's structure. Heineken NV sponsors three bars in the theater..."

What is the opportunity for cities? Civic projects and public real estate are potential venues for advertising, which can mean much-needed revenue for cities.

But there is a big threat looming. Have you seen those sidewalk billboards posing as newspaper boxes? They are appearing on major thoroughfares in cities like Miami and Memphis. They are little more than an excuse to advertise, with no newspapers available to fill them.

Smart cities will protect the public realm first, and rent the real estate second.

I am reminded of this quote from former Continental Airlines CEO Gordon Bethune: "If you are being rewarded for finding ways to make pizza cheaper, eventually you'll take the cheese off. You'll make it so cheap that people won't eat it."

Urban leaders need to protect the public realm so as not to reduce it to a quick money maker that eventually so turns people off that they no longer will love it or own it.

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