New York’s Fifth Avenue retains its top ranking as the world’s most expensive retail destination
New Delhi: Delhi’s upscale Khan Market is the 22nd most expensive retail high street location in the world with an annual rent of $217 per square feet, according to Cushman & Wakefield.
It ranked 21st last year.
Real estate consultant Cushman & Wakefield on Tuesday released its report, ‘Main Streets Across the World’ that examines prime retail rental rates in key cities globally.
“Delhi’s Khan Market features amongst the top 25 most expensive main street markets in the world. With pre-pandemic to present growth (during September quarter) at 7 per cent and a 3 per cent year-on-year growth in rent in terms of INR, Khan Market ranked 22nd on the coveted global main street list,” Cushman & Wakefield said in a statement.
New York’s Fifth Avenue retains its top ranking as the world’s most expensive retail destination. Milan’s Via Montenapoleone jumped a spot into the second place, displacing Hong Kong’s Tsim Sha Tsui, which slipped to the third position.
New Bond Street in London and the Avenues des Champs- lys es in Paris retained the fourth and fifth positions, respectively.
The biggest mover was Istiklal Street in Istanbul, which rose from the 31st to 20th position in response to inflation which caused rents to more than double over the past year, the consultant said.
Saurabh Shatdal, managing director, capital markets, Cushman & Wakefield India said, “Indian main streets, especially the prominent ones, have benefitted from a dearth of space across quality grade retail malls. Main street rentals have grown by 10 per cent y-o-y average.”
“One of the main reasons behind this is that while demand for retail space has been recovering strongly post pandemic, supply of grade A quality malls hasn’t kept pace,” Shatdal, who has recently been given the additional charge of Head Retail, said.
With an influx of premium brands into main streets, he said the demand for space in main streets experienced a fundamental uplift, both on rents and character.
“Given the momentum and strong demand being witnessed in the retail sector, we will continue to see traction in the segment in the coming months,” Shatdal said.
Cushman & Wakefield noted that the top five most expensive main streets in India are Khan Market, Connaught Place (Delhi), Linking Road (Mumbai), Galleria Market (Gurugram), and Park Street (Kolkata).