Public spaces are considered one of the fundamental elements in the urban context to promote leisure and recreation for urban dwellers. Public spaces contain variations within each other from the physical appearance, activities, and to usage factors. Private sector involvement for public space provision was increased in the recent past where public space ownership and access controls were shifted from solely public to private. This was criticized as privatization of public space and lead to debates on the decline of publicness and privacy of space. In this context, this research studied the public space from the user perception by considering publicly owned and operated versus privately owned and operated public spaces within Colombo, Sri Lanka. It is also explored the balance between ownership and access controls to determine the user preference in terms of the publicness features. User defined public space features were identified using 35 semi-structured interviews and 119 online questionnaire surveys. Qualitative analytic tools were used to evaluate the results including Content analysis and Space-shaper models with the support of NVivo software. The results revealed that publicly owned spaces were preferred by the users due to easy access and freedom for activities while privately owned spaces were preferred due to better infrastructure, safety, and security within. Also, it is identified that urban public space offered users the freedom to experience based on the levels of ownership and access controls. Finally, people preferred ownership by public over private sector as anecdotal evidence and values dominated in the public space attributes. This study provides key insights for planners to consider in the public space planning and the importance of private sector involvement and balance in the provision of optimal urban spaces in cities.