Categories: Current AffairsRanks & Reports

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

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.