It should go without saying that one of Delhi’s most posh marketplaces is Khan Market. According to a recent analysis by the international commercial real estate services company Cushman & Wakefield, the upscale but tiny Delhi Market is now the 22nd most costly main street market globally in terms of rental costs. It came in at number 21 the previous year. The “Main Streets Across the World 2023” study by Cushman & Wakefield states that the average yearly rent in Khan Market is USD 217 (about Rs 18,000) per square foot.
One of the top 25 priciest major street marketplaces worldwide is Delhi’s Khan Market. Khan Market located 22nd on the coveted global main street list, with pre-pandemic to present increase (during the September quarter) at 7% and a 3% year-on-year rise in rent in terms of INR, according to a statement from Cushman & Wakefield.
Additionally, the survey lists sixteen major streets in India among the fifty-one most costly main street marketplaces in the Asia-Pacific (APAC) area. The five most expensive major streets in India are Park Street in Kolkata, Galleria Market in Gurugram, Khan Market and Connaught Place in Delhi, and Linking Road in Mumbai.
Indian major street marketplaces, particularly the well-known ones, have benefited from a shortage of space across high-quality retail complexes, according to Saurabh Shatdal, Managing Director, Capital marketplaces, Cushman & Wakefield India, who also provided an explanation for the pricey rent in these markets. On average, main street rents have increased by 10% year over year. One of the primary causes of this is that, despite the post-pandemic strong recovery in demand for retail space, the supply of grade A quality malls hasn’t kept up.
The most expensive place to shop is Fifth Avenue Street in New York, followed by Tsim Sha Tsui in Hong Kong and Via Montenapoleone in Milan. The Avenues des Champs-Elysees in Paris and New Bond Street in London are ranked fourth and fifth, respectively.
Istiklal Street in Istanbul had the largest increase in ranking, moving up to 20th from 31st. This occurred as a result of Turkey’s high rate of inflation, which led to a more than twofold increase in rent in a single year.