Khan Market, a renowned upscale market in Delhi, has been recognized as the 22nd most expensive main street market globally for rental prices, according to a recent report by Cushman & Wakefield, a global commercial real estate services firm. This marks a slight shift from its 21st position in the previous year. The report, titled ‘Main Streets Across the World 2023,’ discloses that Khan Market commands an average annual rent of USD 217 (approximately Rs 18,000) per square foot.
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In a statement, Cushman & Wakefield highlighted Khan Market’s growth, indicating a 7 percent increase from the pre-pandemic period to the present, particularly during the September quarter. Additionally, there was a 3 percent year-on-year growth in rent in terms of INR, solidifying Khan Market’s position on the prestigious global main street list.
The report identifies 16 Indian main streets among the 51 most expensive main street markets in the Asia–Pacific (APAC) region. Within India, the top five most expensive main streets include Khan Market and Connaught Place in Delhi, Galleria Market in Gurugram, Linking Road in Mumbai, and Park Street in Kolkata.
Saurabh Shatdal, Managing Director, Capital Markets, Cushman & Wakefield India, offered insights into the high rental prices in Indian main street markets. He attributed the exorbitant rents to a scarcity of space in quality grade retail malls. Shatdal pointed out that main street rentals have experienced a 10 percent year-on-year average growth. The demand for retail space has rebounded strongly post-pandemic, but the supply of grade A quality malls has not kept pace, contributing to the elevated rental rates.
Globally, New York’s Fifth Avenue Street tops the list as the most expensive retail destination, followed by Milan’s Via Montenapoleone and Hong Kong’s Tsim Sha Tsui. London’s New Bond Street and Paris’s Avenues des Champs-Elysees secure the fourth and fifth positions, respectively.
A noteworthy shift in the rankings occurred for Istanbul’s Istiklal Street, which jumped from the 31st to the 20th position. This significant leap was attributed to Turkey’s high inflation rate, causing rents in the country to more than double within one year.
