Delhi’s Khan Market has secured the 22nd spot as the most expensive retail street globally, with annual rents reaching $229 per square foot (~INR 19,330), according to Cushman & Wakefield‘s “Main Streets Across the World” report.
Limited availability of retail space pushing rent – MD
This represents a 7% year-on-year (YoY) growth.
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Notably, Khan Market, India’s most expensive retail destination, boasts a curated mix of premium brands and upscale boutiques, attracting affluent shoppers. Saurabh Shatdal, Managing Director, Capital Markets, and Head of Retail-India at Cushman & Wakefield, noted, “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.”
Globally, 79 of 138 tracked locations reported rental increases, with an average rental growth of 4.4%. In India, main streets are thriving, driven by robust demand and strong rental growth. “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 YoY growth,” Shatdal added.
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Bengaluru’s Indiranagar sees strongest rental growth
In the Asia-Pacific region, Bengaluru’s Indiranagar saw the strongest rental growth, while Chennai’s Anna Nagar was noted as the most affordable retail street. Milan’s Via Montenapoleone has surpassed New York’s Upper 5th Avenue as the world’s most expensive retail destination, with rents surging by nearly a third over two years.
Shatdal emphasised, “Globally, super-prime physical retail spaces remain central to retailers’ strategies, highlighting the enduring importance of vibrant shopping destinations like Khan Market. With India’s robust economic growth and evolving consumer preferences, the country’s retail sector is poised for sustained success.”
