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:
- Khan Market (Delhi)
- Connaught Place (Delhi)
- Linking Road (Mumbai)
- Galleria Market (Gurugram)
- Park Street (Kolkata)
Find More Ranks and Reports Here