Khan Market: 22nd Most Expensive Retail Location Globally

By By Rediff Money Desk, New Delhi
Nov 21, 2024 10:01
Delhi's Khan Market retains its position as India's most expensive high street, ranking 22nd globally with an annual rent of USD 229 per sq ft. Read about the latest retail trends and global rankings from Cushman & Wakefield.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Nov 21 (PTI) Delhi's upscale Khan Market has retained the 22nd rank in a global list of most expensive high-street retail locations with an annual rent of USD 229 (over Rs 19,000) per sq ft, according to Cushman & Wakefield.

Via Monte Napoleone in Milan, Italy, has become the most expensive main street globally with an annual rent of USD 2,047 per sq ft, beating New York's Upper 5th Avenue (49th to 60th Sts) which commands a rental of USD 2,000 per sq ft a year.

Global real estate consultant Cushman & Wakefield on Thursday released the 34th edition of its flagship retail report 'Main Streets Across The World 2024' that focuses on headline rents in 138 best-in-class urban retail locations across the globe.

The global index ranks the most expensive destination in each market.

With rents at USD 229 per square foot annually (around Rs 19,330), Khan Market retains its position on the prestigious global list and continues to be India's most expensive high street, the consultant said. Khan Market registered a 7 per cent year-on-year rental growth.

Milan's Via Monte Napoleone, where rents have risen by nearly a third in the past two years, has overtaken New York's Upper 5th Avenue to be crowned the world's most expensive retail destination. It is the first time a European street has topped the global rankings, the consultant said.

Commenting on the report, Saurabh Shatdal, Managing Director, Capital Markets and Head-Retail-India, Cushman & Wakefield, said, "Khan Market's position among the world's top retail destinations underscores the resilience and strength of India's retail sector."

"Known for its curated mix of premium brands and upscale boutiques, Khan Market attracts affluent shoppers, solidifying its reputation as a high-end retail hotspot. The limited availability of retail space in the area creates intense competition, pushing rental values higher," he said.

With shopping malls facing supply constraints, Shatdal said the main streets across India are thriving, driven by robust demand and strong rental growth.

In India, so far this calendar year, main streets have recorded a leasing of 3.8 million square feet of retail space, marking an 11 per cent year-on-year growth.

"Globally, super-prime physical retail spaces remain central to retailers' strategies, highlighting the enduring importance of vibrant shopping destinations like Khan Market. With India's robust economic growth and evolving consumer preferences, the country's retail sector is poised for sustained success," Shatdal said.

New Bond Street, London, is at the third position with annual rent of USD 1,762 per sq ft, followed by Tsim Sha Tsui (main street shops), Hong Kong (USD 1,607 a sq ft); Avenue des Champs Élysées, Paris (USD 1,282 a sq ft); Ginza, Tokyo (USD 1,186 per sq ft); Bahnhofstrasse, Zurich (USD 981 per sq ft); Pitt Street Mall, Sydney (USD 802 per sq ft); Myeongdong, Seoul (USD 688 per sq ft); and Kohlmarkt, Vienna (USD 553 per sq ft annually).

The report further highlighted that the Indian economy has been the strongest major economy in the world this year, a trend reflected in its robust rental growth performance.

"Indiranagar 100 Feet Road in Bengaluru leads the region, reporting rental growth of 32 per cent YoY (year-on-year).

"Whilst reporting relatively more modest uplifts, MG Road in Pune, Anna Nagar in Chennai, Fort/Fountain in Mumbai and Park Street in Kolkata all recorded annual rent growth in excess of 10 per cent. Rent growth across the 16 locations tracked across India averaged a 9 per cent increase YoY," Cushman & Wakefield said.
Source: PTI
Read More On:
indiareal estateglobalretailshoppingcushman & wakefieldrentretail sectorkhan marketexpensivehigh street
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.

You May Like To Read

MORE NEWS

Adani Faces US Charges: Potential Arrest...

US files criminal charges against Gautam Adani and others for bribery scheme,...

Zinka Logistics Shares Debut: Initial Gains,...

Zinka Logistics Solutions Ltd. shares listed with a premium on the BSE and NSE but...

Adani Stocks Plunge Again After US Bribery Charges

Adani group stocks continue to fall for the second day after US prosecutors accused...

Zepto Raises USD 350 Mn in Domestic Funding Round

Zepto, a quick commerce company, raises USD 350 million in domestic funding led by...

NCLAT Limits Raheja Insolvency to One Project

NCLAT confines insolvency proceedings against Raheja Developers to ''Raheja Shilas''...

Rupee Holds Steady vs US Dollar Amid...

The Indian rupee traded in a narrow range against the US dollar on Friday, supported by...

Sensex, Nifty Rebound After Fall: Bank Stocks Lead

Indian stock markets rebounded in early trade, with Sensex and Nifty gaining after a...

Cooperatives Key to Developed India: Haryana CM

Haryana CM Nayab Singh Saini emphasizes the crucial role of cooperatives in building a...

Haryana CM Meets South Korean Delegation,...

Haryana Chief Minister Nayab Singh Saini met with a South Korean delegation, inviting...

India to Enact Data Privacy Law, Encourages...

India is set to introduce a legal framework for data privacy, aiming to facilitate free...

Read More »

Sectoral Indices Market Indicators Listed Companies Gainers Losers Mutual Funds Portfolio Watchlist
© 2024 Rediff.com