In the UK, there has been a noticeable increase in public space management arrangements based on transfer and contracting-out of managerial responsibilities to organisations outside the public sector, whether in the shape of community or private trusts, tenants organisations, Business Improvement Districts, private companies or voluntary sector organisations. Recent cuts in local authority budgets have accelerated this process. Underpinning it there is an underlying assumption that publicness, however defined, can be guaranteed by means other than public ownership, funding and management, and that public sector ownership and direct control might not be in themselves essential features of spaces that are public. This paper reports on a case study research that investigates the impact on public spaces of the transfer of management away from the public sector. Based on nine case studies of public spaces in London under a variety of different management arrangements, the paper discusses how publicness is affected by the various contractual forms of transfer and what the main implications of this process are for different stakeholders and for the public realm as a whole. The paper suggests that contracted-out management of public space might not necessarily affect publicness negatively. However, it requires judiciously designed accountability mechanisms and clear decisions by all key stakeholders, including local authorities, about whose aspirations will be privileged and how other aspirations should be protected. In a climate of austerity and spending cuts, this requires a different kind of public management and of policy.