Delhi’s iconic Khan Market has once again secured a prestigious spot among the world’s most expensive retail markets, reaffirming its status as a bustling commercial hub. The renowned market has been ranked as the 22nd most expensive retail market globally in terms of rent, with an annual rate reaching a staggering $217 per square foot, as reported by real estate advisory firm Cushman & Wakefield.
Cushman & Wakefield’s recently released report, ‘Major Markets of the World,’ meticulously analyzes the rental values of retail spaces across major cities globally. Khan Market’s impressive standing signifies its enduring prominence and commercial vibrancy in the capital city.
This year’s ranking places Khan Market slightly lower than its 21st position in the previous year’s list, showcasing a competitive environment among the world’s costliest retail destinations. The report, unveiled on Tuesday, highlights the escalating rents of retail spaces in premier markets around the world, including the significant analysis of Khan Market’s commercial landscape.
New York’s Fifth Avenue continues to reign supreme as the world’s most expensive retail street, maintaining its coveted top spot. Milan’s Via Montenapoleone ascended to the second position, surpassing Hong Kong’s Tsim Sha Tsui, which now holds the third rank. London’s New Bond Street and Paris’s Avenue des Champs-Élysées retained their respective fourth and fifth positions on the list.
Interestingly, Istanbul’s Istiklal Street made a remarkable leap from 31st to 20th place, experiencing an astonishing surge in rent, more than doubling compared to the previous year, owing to inflationary pressures.
Delving into India’s retail landscape, Cushman & Wakefield identified the top five markets in the country. Alongside Khan Market, other prominent Indian markets featured include Connaught Place (Delhi), Linking Road (Mumbai), Galleria Market (Gurugram), and Park Street (Kolkata). This acknowledgment underscores India’s diverse and thriving retail sector, with various cities contributing vibrant commercial spaces to the global marketplace.