Khan Market In Delhi Ranks 22nd In Global List Of Most Expensive Main Street Markets

Renowned as one of Delhi's elite shopping destinations, Khan Market has secured the 22nd position in the latest ranking of the world's most expensive main street markets, according to a report by global real estate services firm Cushman & Wakefield. The report, titled 'Main Streets Across the World 2023,' reveals that Khan Market commands an average annual rent of USD 217 per square foot. While it slid from the 21st spot last year, the market still stands out as a prime location.

The report also highlights 16 Indian main streets among the 51 most expensive in the Asia–Pacific region, with Khan Market and Connaught Place in Delhi leading the domestic list. Galleria Market in Gurugram, Linking Road in Mumbai, and Park Street in Kolkata follow suit.

Saurabh Shatdal, Managing Director, Capital Markets, Cushman & Wakefield India, attributes the high rents in Indian main streets to a scarcity of quality retail mall space. He notes a 10 percent year-on-year average growth in main street rentals, emphasizing that demand for retail space is recovering post-pandemic, while the supply of top-grade malls has not kept pace.

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. Istanbul's Istiklal Street made a notable leap from 31st to 20th position due to Turkey's high inflation rate, causing rents in the country to more than double in just one year. The report provides insights into the dynamics shaping the real estate landscape of main street markets worldwide.