Delhi's Khan Market has been ranked as the 22nd most expensive retail high street location globally, with an annual rent of $217 per square foot, according to a report by real estate consultant Cushman & Wakefield. This marks a slight decrease from its 21st position last year. Cushman & Wakefield's 'Main Streets Across the World' report, which analyzes prime retail rental rates in major cities worldwide, revealed that Khan Market experienced a 7% growth from pre-pandemic levels to the present (during the September quarter). Additionally, there was a 3% year-on-year growth in rent in terms of Indian Rupees.
Top 5 Most Expensive Market in World
- Fifth Avenue (New York)
- Via Monte Napoleone (Milan, Italy)
- Tsim Sha Tsui (Hong Kong)
- New Bond Street (London)
- Avenues des Champs-Elysees (Paris)
The report highlighted New York's Fifth Avenue retained its top position to become the world's most expensive retail destination, while Milan's Via Montenapoleone secured the second position, surpassing Hong Kong's Tsim Sha Tsui, which slipped to third place. London's New Bond Street and Paris's Avenues des Champs-Elysees maintained their fourth and fifth positions, respectively.
Notably, Istiklal Street in Istanbul saw a significant rise from the 31st to the 20th position, primarily due to inflation, leading to rents more than doubling over the past year, according to the consultant.
Cushman & Wakefield emphasized that the strong post-pandemic recovery in demand for retail space has not been matched by an adequate supply of grade A quality malls, contributing to the challenges in the market. Shatdal, who recently assumed the additional role of Head Retail, pointed out this as one of the key reasons behind the dynamics observed in the retail real estate sector.
