The report showed that Khan Market slipped one position from its 2022 global ranking. In 2022 global ranking the high street market was at 21st place.
New Delhi: Delhi’s Khan Market is the 22nd most expensive retail high street location in the world with an annual rent of $217 per square feet, according to Cushman & Wakefield. The report showed that Khan Market slipped one position from its 2022 global ranking. In 2022 global ranking the high street market was at 21st place.
‘Main Streets Across the World’ that examines prime retail rental rates in key cities globally, added that New York’s Fifth Avenue continues to lead as the most expensive retail street worldwide, followed by Milan’s Via Montenapoleone and Hong Kong’s Tsim Sha Tsui. London’s New Bond Street and the Avenue des Champs-Élysées in Paris hold the fourth and fifth spots, respectively.
“Delhi’s Khan Market features amongst the top 25 most expensive main street markets in the world. With pre-pandemic to present growth (during September quarter) at 7% and a 3% year-on-year growth in rent in terms of INR, Khan Market ranked 22nd on the coveted global main street list,” Cushman & Wakefield said in a statement.
New York’s Fifth Avenue retains its top ranking as the world’s most expensive retail destination. Milan’s Via Montenapoleone jumped a spot into the second place, displacing Hong Kong’s Tsim Sha Tsui, which slipped to the third position. New Bond Street in London and the Avenues des Champs-Elysees in Paris retained the fourth and fifth positions, respectively. The biggest mover was Istiklal Street in Istanbul, which rose from the 31st to 20th position in response to inflation which caused rents to more than double over the past year, the consultant said.
Saurabh Shatdal, Managing Director, Capital Markets, Cushman & Wakefield India said, “Indian main streets, especially the prominent ones, have benefitted from a dearth of space across quality grade retail malls. Main street rentals have grown by 10% y-o-y average.”
“One of the main reasons behind this is that while demand for retail space has been recovering strongly post pandemic, supply of grade A quality malls hasn’t kept pace,” Shatdal, who has recently been given the additional charge of Head Retail, said.
Cushman & Wakefield’s report also identified the top five most expensive main streets in India, with Khan Market leading, followed by Connaught Place in Delhi, Linking Road in Mumbai, Galleria Market in Gurugram, and Park Street in Kolkata.