Delhi’s iconic Khan Market has once again cemented its position as India’s most expensive retail street, ranking 22nd globally, according to a recent report by Cushman & Wakefield. This year, the market has witnessed a 7% year-on-year rental growth, with annual rents reaching a staggering $229 per square foot.
Delhi’s Khan Market is now 22nd costliest market globally
Delhi-NCR has emerged as a dominant force in the global retail landscape, with three of its high streets making it to the top APAC rankings. Connaught Place and Galleria Market, Gurgaon, follow closely behind Khan Market, commanding annual rents of $158 and $156 per square foot, respectively.
While Khan Market continues to reign supreme, Bengaluru’s Indiranagar has claimed the title of the fastest-growing retail market in the Asia-Pacific region. In contrast, Chennai’s Anna Nagar has been identified as the most affordable retail destination in the region.
Here’s what experts say:
“Khan Market’s enduring popularity among affluent shoppers and its curated selection of premium brands has solidified its status as a high-end retail hotspot,” said Saurabh Shatdal, Managing Director, Capital Markets and Head-Retail-India, Cushman & Wakefield. “The limited availability of retail space in the area has fueled intense competition, driving up rental values.”
The report further highlights the resurgence of main streets across India, as supply constraints in malls have redirected demand towards these traditional shopping hubs. “Main streets have recorded a significant 11% year-on-year growth in leasing, reaching 3.8 million square feet in 2024,” added Shatdal.
What about the global scale?
On a global scale, Milan’s Via Montenapoleone has surpassed New York’s Upper 5th Avenue to become the world’s most expensive retail destination, with rents surging by nearly a third in the past two years.
“Despite the rise of e-commerce, super-prime physical retail spaces remain crucial to retailers’ strategies,” said Shatdal. “India’s strong economic growth and evolving consumer preferences position its retail sector for sustained success.”
The report analyzed 138 prime retail locations worldwide, revealing a global average rental increase of 4.4%. The Americas emerged as the strongest-performing region, driven by significant rental growth in the United States.