Khan Market remains the world’s most expensive high-street retail locations: Cushman & Wakfield
21 November 2024, Mumbai
Khan Market in Delhi has maintained its position as one of the world’s most expensive high-street retail locations, ranking 22nd globally with an annual rent of $229 (over Rs 19,000) per square foot, according to real estate consultant Cushman & Wakefield.
The findings were revealed in the 34th edition of Cushman & Wakefield’s flagship retail report, Main Streets Across The World 2024, which examines rental trends in 138 top-tier urban retail destinations worldwide. The report identifies the most expensive retail locations in each market based on headline rents.
Khan Market’s rental rates, which have increased by 7 per cent over the past year have made it India’s most expensive retail street. Saurabh Shatdal, Managing Director, Capital Markets and Head – India Retail, Cushman & Wakefield, remarks, the market’s position among the world's top retail destinations underscores the resilience and strength of India's retail sector. Its mix of premium brands and high-end boutiques continues to attract affluent shoppers, with limited retail space availability driving competition and boosting rents, he adds.
Driven by high demand and rental growth, India’s main streets continue to thrive especially amid constraints in shopping mall supply. In 2024, retail space leased by these streets increased by 11 per cent Y-o-Y to 3.8 million sq ft. According to Shatdal, super-prime retail spaces remain a cornerstone of retailer strategies worldwide, reinforcing the importance of vibrant shopping areas like Khan Market. With India's economy performing strongly, the country’s retail sector is poised for ongoing success.
Rental growth has been robust across India, with Indiranagar’s 100 Feet Road in Bengaluru leading the way with a 32 per cent Y-o-Y increase. Other notable locations include MG Road in Pune, Anna Nagar in Chennai, Fort/Fountain in Mumbai, and Park Street in Kolkata, each reporting annual rental growth exceeding 10 per cent. On average, rents across the 16 Indian locations tracked in the report grew by 9 per cent Y-o-Y.
Cushman & Wakefield highlights, India's economy has been the strongest among major economies this year, a trend mirrored by the country’s solid rental growth figures.
