New Delhi November 21: Delhi's Khan Market has secured its spot as the 22nd most expensive retail street globally, according to a report by Cushman & Wakefield's titled 'Main Streets Across the World'. Now in its 34th edition, the report evaluates headline rents in 138 premier retail locations worldwide, many of which are tied to the luxury sector. Khan Market, India's most expensive retail destination, boasts annual rents of USD 229 per square foot (~INR 19,330), reflecting a 7 per cent year-on-year growth.
Globally, 79 of the 138 locations tracked reported rental increases, with an average rental growth of 4.4 per cent. Delhi's Upscale Khan Market 22nd Most Expensive High-street Retail Location Globally: C&W .
Saurabh Shatdal, Managing Director, Capital Markets, and Head of Retail-India at Cushman & Wakefield, highlighted the significance of Khan Market's performance. He said, "Known for its curated mix of premium brands and upscale boutiques, Khan Market attracts affluent shoppers, solidifying its reputation as a high-end retail hotspot. The limited availability of retail space in the area creates intense competition, pushing rental values higher.
" He added, "With malls facing supply constraints, main streets across India are thriving, driven by robust demand and strong rental growth. As of YTD 2024, main streets have recorded leasing of 3.8 msf, marking 11 per cent year-on-year growth.
" Across the Asia-Pacific region, Bengaluru's Indiranagar emerged as the strongest renta.