Khan Market in Delhi has once again secured its place among the world’s most exclusive retail destinations, ranking 22nd globally as per a recent report by Cushman & Wakefield. The iconic shopping hub continues to lead as India’s most expensive high street, witnessing a 7% year-on-year growth in rental values.
According to the report, which examines rents across 138 prominent urban and luxury retail locations worldwide, Khan Market commands an annual rent of $229 (approximately ₹19,330) per square foot. This solidifies its reputation as a prime destination for premium brands and affluent shoppers.
Delhi-NCR’s Dominance in India
Delhi-NCR is now home to the top three most expensive retail locations in India. Following Khan Market, Connaught Place and Gurgaon’s Galleria Market have made their mark with annual rents of $158 (₹13,335) and $156 (₹13,166) per square foot, respectively. This dominance highlights the region’s prominence in the country’s retail landscape.
Spotlight on Growth and Affordability
Bengaluru’s Indiranagar emerged as the fastest-growing rental market in the Asia-Pacific region, showcasing strong demand. Meanwhile, Chennai’s Anna Nagar was identified as the most affordable high street in the region, reflecting a diverse range of retail opportunities across India.
Global Perspective
On the global stage, Milan’s Via Montenapoleone has overtaken New York’s Upper 5th Avenue as the most expensive retail destination. Rents on this prestigious Italian street have surged by nearly a third over the past two years, exemplifying the growing competition for premium retail spaces.
Global Rental Trends
The report highlighted a global average rental increase of 4.4%, with rental growth observed in 57% of tracked locations. The Americas led regional growth with an 8.5% increase, driven by a strong performance in the U.S., where rents rose by almost 11%.
The enduring appeal of super-prime retail destinations, coupled with evolving consumer behaviors, continues to shape the landscape of luxury retail globally and within India, positioning streets like Khan Market as key players in this dynamic sector.
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