Khan Market in Delhi has once again solidified its position among the world’s most prestigious retail hubs, ranking 22nd globally according to a recent report by Cushman & Wakefield. Renowned for its upscale shopping experience, the iconic high street continues to dominate as India’s most expensive retail location, boasting a remarkable 7% year-on-year growth in rental values.
Khan Market’s Global Standing
- Khan Market ranks as the 22nd most expensive retail destination worldwide, as per Cushman & Wakefield’s analysis of 138 prominent urban retail locations.
- It commands an impressive annual rent of $229 (approximately ₹19,330) per square foot, maintaining its allure for premium global brands and affluent shoppers.
Delhi-NCR’s Retail Dominance
- Connaught Place and Gurgaon’s Galleria Market are the second and third most expensive retail spaces in India, with annual rents of:
- Connaught Place: $158 (₹13,335) per square foot.
- Galleria Market: $156 (₹13,166) per square foot.
- This cements Delhi-NCR’s dominance in the Indian retail landscape.
Spotlight on Growth Across India
- Bengaluru’s Indiranagar has emerged as the fastest-growing rental market in the Asia-Pacific region, driven by surging retail demand.
- Conversely, Chennai’s Anna Nagar stands out as the most affordable high street in India, reflecting the diversity of retail opportunities across the country.
Global Retail Trends
- Milan’s Via Montenapoleone has dethroned New York’s Upper 5th Avenue as the most expensive retail destination globally.
- Rents on Milan’s iconic street surged by nearly a third over the past two years.
- The global retail rental market witnessed a 4.4% average increase, with significant growth in 57% of tracked locations. The Americas led the surge, driven by an 11% rental increase in the United States.
