Public Institution
Noun and の adjective
こうせつ
もし沖縄を旅行するなら、牧志公設市場に行った方がいいよ。
If you travel to Okinawa, you should go to Makishi Public Market.
It's public establishment. It is public.
This is a jukugo word, which usually means on'yomi readings from the kanji. If you know the readings of your kanji you'll know how to read this as well.