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Delhi’s Khan Market world’s 22nd priciest high street retail location

Real estate consultant Cushman & Wakefield has unveiled its ‘Main Streets Across the World’ report, shedding light on prime retail rental rates globally. Delhi’s upscale Khan Market has secured the 22nd spot, marking a slight drop from the 21st position last year. The annual rent per square foot stands at USD 217.

Global Rankings

  • Despite the slip, New York’s Fifth Avenue continues to dominate as the world’s most expensive retail destination.
  • Milan’s Via Montenapoleone climbed to second place, displacing Hong Kong’s Tsim Sha Tsui to third.
  • London’s New Bond Street and Paris’s Avenues des Champs-Élysées retained the fourth and fifth positions.

Movement in Rankings

  • Noteworthy is the ascent of Istanbul’s Istiklal Street, making a significant jump from 31st to 20th place. This shift is attributed to inflation, causing rents to more than double over the past year.

Indian Main Streets

  • Saurabh Shatdal, Managing Director, Capital Markets, Cushman & Wakefield India, highlights the positive trajectory of Indian main streets.
  • Despite Khan Market’s drop in global rankings, Indian main streets have seen a 7% growth pre-pandemic and a 3% year-on-year growth in rent during the September quarter.

Factors Driving Indian Main Street Growth:

  • Supply-Demand Dynamics: Shatdal notes that a scarcity of space in quality grade retail malls has led to a 10% year-on-year average growth in main street rentals.
  • Premium Brand Influx: The influx of premium brands into main streets has heightened demand for space, impacting both rents and character.
  • Post-Pandemic Recovery: Strong post-pandemic recovery in demand for retail space is a contributing factor.

Future Outlook

  • Given the momentum and robust demand in the retail sector, Shatdal predicts continued traction in the main street segment in the coming months.

Top 5 Most Expensive Main Streets in India: Cushman & Wakefield highlights the top five most expensive main streets in India:

  1. Khan Market (Delhi)
  2. Connaught Place (Delhi)
  3. Linking Road (Mumbai)
  4. Galleria Market (Gurugram)
  5. Park Street (Kolkata)

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