Delhi’s upscale retail hotspot, Khan Market, has secured the 22nd spot on the global list of the world’s priciest retail high streets, according to a recent report by real estate consultant Cushman & Wakefield. With an astonishing annual rent of $217 per square foot, Khan Market’s standing becomes even more impressive, considering it jumped from 21st place in the previous year.
On Tuesday, Real estate consultant Cushman & Wakefield released its ‘Main Streets Across the World’ report, examining prime retail rental rates in key cities globally. New York’s Fifth Avenue retained its top position as the world’s most expensive retail destination, followed by Milan’s Via Montenapoleone and Hong Kong’s Tsim Sha Tsui.
Khan Market’s growth during the September quarter, despite the pandemic, recorded a 7% increase, with a 3% year-on-year growth in rent in terms of INR. Istanbul’s Istiklal Street also saw a significant jump from 31st to 20th place, attributed to an increase in inflation that doubled rents over the past year.
Saurabh Shatdal, a top executive at Cushman & Wakefield, highlighted the Indian retail scenario, noting a 10% year-on-year average growth in main street rentals. The demand for retail space has increased post-pandemic, but the supply, especially in ‘grade A’ malls, has not kept pace. The influx of premium brands into main streets has not only impacted rent prices but has also influenced the overall charm and appeal of these areas.
Shatdal emphasized that the momentum and strong demand in the retail sector are likely to continue over the coming months. The report also identified the five most expensive main streets in India, with Khan Market leading the list, followed by Delhi’s Connaught Place, Mumbai’s Linking Road, Gurugram’s Galleria Market, and Kolkata’s Park Street. The increase in demand for retail space, particularly in prime locations, has not only shaped rental prices but has also significantly transformed the shopping scene in these areas.
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