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New Delhi: Delhi’s Khan Market has once again been ranked 24th in the global list of the most expensive high-street retail locations, according to Cushman & Wakefield. The upscale area commands an annual rent of $223 per sq ft, slightly down from last year, when it was ranked 23rd globally. Despite this, Khan Market remains India’s most expensive high street.
The Cushman & Wakefield report, released on Wednesday, revealed that London’s New Bond Street has emerged as the world’s priciest retail destination, with rents reaching $2,231 per sq ft per year. In India, Gurugram’s Galleria Market saw a 25 per cent increase in rent, followed by Connaught Place, New Delhi (14 per cent), and Kemps Corner, Mumbai (10 per cent). The growth has been fueled by limited supply and strong demand. Across 16 tracked Indian locations, rental growth averaged 6 per cent year-on-year, the report noted.
In global rankings, New York’s Upper 5th Avenue (49th to 60th Streets) moved to third place with an annual rent of $2,000 per sq ft, down from second position last year. Other top international high streets include Tsim Sha Tsui (Hong Kong), Avenue des Champs-Élysées (Paris), Ginza (Tokyo), Bahnhofstrasse (Zurich), Pitt Street Mall (Sydney), Myeongdong (Seoul), and Kohlmarkt (Vienna).
Gautam Saraf, Executive Managing Director, Mumbai & New Business, Cushman & Wakefield, said, “India's high streets are demonstrating exceptional resilience and growing global prominence. Premium destinations like Khan Market, Connaught Place, and Galleria Market are attracting international and domestic brands, driven by rising affluence and evolving consumer preferences.”
