Delhi’s Khan Market has once again retained its status as a global retail hotspot, ranking as the 22nd most expensive main street internationally with an annual rent of over ₹ 19,000 per sq ft, according to Cushman & Wakefield’s Main Streets Across the World report. With rents at $229 per square foot annually (sf/annum) (around ₹ 19,330), Khan Market retains its position on the prestigious global list and continues to be India’s most expensive high street , registering a 7% year-on-year rental growth, the report noted. Now, in its 34th edition, the report focuses on headline rents in 138 best-in-class urban retail locations across the globe, many of which are linked to the luxury sector, utilising Cushman & Wakefield’s proprietary data.
The global index ranks the most expensive destination in each market. Via Monte Napoleone in Milan, Italy, has become the most expensive main street globally with an annual rent of $2,047 per sq ft, beating New York's Upper 5th Avenue (49th to 60th Sts) which commands a rental of $2,000 per sq ft a year. Milan’s Via Montenapoleone, where rents have risen by nearly a third in the past two years, has overtaken New York’s Upper 5th Avenue to be crowned the world’s most expensive retail destination, according to the report.
It is the first time a European street has topped the global rankings in the firm’s flagship retail report. Commenting on Khan Market’s rankings and the growth of Indian retail sector, Saurabh Shatdal, Man.