There are both complementary. If econometric models gives accrute analysis to the issue , the sapatial one's gives us answers, to what econometric models can not

Space is the physical foundation of any urbanization; so, its data analysis is primary. The temporal component (clock time), however, shows the biorhythm of an urban organism and 'technotope', e.g. the econometrics of energy consumption, water, … Urban bodies are a spatial phenomenon as images from outer space show definitely.

Spatial analysis and Econometric instruments both

It depends on what you want to know. See my articles on physician distribution. If you want to know cultural things, one might do a community study--interviewing people. Or counts of certain activities and their levels of attraction. What do you want to know?

I think you might be interested in to consider panel data analysis.