View of Khan Market at New Delhi.
Credit: iStock Photo
New Delhi: Delhi's upscale Khan Market rank slipped one notch to 24th in a global list of the most expensive high-street retail locations, with an annual rent of USD 223 (about Rs 19,500) per sq ft, according to Cushman & Wakefield.
Khan Market was 23rd most expensive retail location globally in last year's ranking.
Nevertheless, Khan Market remains India's most expensive high street.
As per the Cushman & Wakefield report released on Wednesday, London's New Bond Street has become the world's most expensive retail destination, with an annual rent of USD 2,231 per square foot per year.
Via Monte Napoleone in Milan, Italy, lost its top position to become the 2nd most expensive main street globally with an annual rent of USD 2,179 per sq ft.
New York's Upper 5th Avenue (49th to 60th Sts) is at third position with an annual rent of USD 2,000 per sq ft, compared to rank 2nd in the last year's list.
Global real estate consultant Cushman & Wakefield released its flagship retail report 'Main Streets Across The World 2025' that focuses on headline rents in 138 best-in-class urban retail locations globally.
Global index ranks the most expensive main street in each market.
Tsim Sha Tsui (main street shops), Hong Kong, has been ranked 4th in the global list, followed by 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." With limited mall supply, he said these high streets have become strategic hubs for retailers seeking visibility and engagement.
"Year-to-date, high streets have accounted for over half of retail leasing activity, underscoring their critical role in shaping India's retail evolution. This transformation reflects a broader trend of premiumisation and experiential retail, positioning India as one of Asia Pacific's most dynamic markets," Saraf said.
The consultant noted that India's Tier 1 cities led the rental growth in APAC (Asia Pacific) region.
Gurugram's Galleria Market recorded a 25 per cent increase in rent, followed by Connaught Place in New Delhi (14 per cent) and Kemps Corner in Mumbai (10 per cent).
This growth was driven by limited supply and strong demand. "Across 16 tracked Indian locations, rental growth averaged 6 per cent year-on-year," the consultant said.
APAC's most affordable main street is also in India Anna Nagar 2nd Avenue in Chennai where rents are USD 25 per square foot per year.