Delhi’s Khan Market has been ranked among the top 25 most expensive retail markets globally, according to a report by real estate consultant Cushman & Wakefield. The report, titled “Main Streets Across The World,” placed Khan Market at 22nd position, with an annual rent of USD 217 (Rs 18,000 approx) per square foot.
The report noted that Khan Market has witnessed a 7% growth in rental rates since the pre-pandemic period, and a 3% year-on-year growth in terms of INR. This strong growth has been attributed to a dearth of space across quality-grade retail malls and a surge in demand for retail space post-pandemic.
New York’s Fifth Avenue retained its top ranking as the world’s most expensive retail destination, followed by Milan’s Via Montenapoleone and Hong Kong’s Tsim Sha Tsui. New Bond Street in London and the Avenues des Champs-Elysees in Paris held the fourth and fifth positions, respectively.
Saurabh Shatdal, Managing Director, Capital Markets, Cushman & Wakefield India, stated that Indian main streets have benefited from the scarcity of quality retail malls and the robust demand for retail space following the pandemic. He expressed optimism about the future of the retail sector, predicting continued traction in the coming months.
Cushman & Wakefield’s report also revealed that the top five most expensive main streets in India are Khan Market, Connaught Place in Delhi, Linking Road in Mumbai, Galleria Market in Gurugram, and Park Street in Kolkata.
