Delhi’s Khan Market Among Top 25 Most-Expensive Main Street Markets Globally
Written by Sanjay Kumar
Highlights
- With an annual rent of USD 217 per sq ft, Khan Market rises in global rankings by 3% YoY.
- New York’s Fifth Avenue remains the world’s most expensive retail destination, with Milan’s Via Montenapoleone securing the second spot.
- Indian Main Streets Surge 10% YoY: Cushman & Wakefield reports a robust 10% YoY growth in main street rentals in India, fueled by premium brands and limited space in grade A malls.
In the latest edition of the annual report, ‘Main Streets Across the World,’ global real estate consultant Cushman & Wakefield has revealed that Delhi’s prestigious Khan Market has secured the 22nd position on the list of the world’s most expensive retail high street locations. The report indicates that the market commands an annual rent of USD 217 per square foot, marking a 3 percent year-on-year growth in terms of INR. Notably, Khan Market had held the 21st spot in the previous year’s rankings.
The report highlighted the impressive 7 percent growth in Khan Market’s pre-pandemic to present quarter, showcasing the resilience of this upscale retail destination. The global list, dominated by iconic streets, saw New York’s Fifth Avenue maintaining its top position as the costliest retail destination worldwide. Milan’s Via Montenapoleone secured the second spot, surpassing Hong Kong’s Tsim Sha Tsui, which now stands at third place.
Delving into the significant movers on the list, Istanbul’s Istiklal Street made a substantial leap from the 31st to the 20th position, propelled by inflation-induced rent hikes over the past year.
Saurabh Shatdal, Managing Director, Capital Markets, Cushman & Wakefield India, commented on the Indian retail landscape, noting the 10 percent year-on-year average growth in main street rentals. He attributed this surge to the scarcity of quality retail space in grade A malls, indicating a growing demand for prime locations. Shatdal, who has recently taken on the role of Head Retail, emphasized the positive impact of premium brands entering main streets, foreseeing continued momentum and demand in the retail sector in the upcoming months.
Cushman & Wakefield’s report also detailed the top five most expensive main streets in India, with Khan Market leading the pack, followed by Connaught Place (Delhi), Linking Road (Mumbai), Galleria Market (Gurugram), and Park Street (Kolkata).
The findings underscore the global recognition and economic significance of Delhi’s Khan Market, solidifying its position among the elite retail destinations on the world stage. As the retail sector continues to rebound post-pandemic, the report suggests a promising trajectory for prime main street locations in India and around the globe.
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