Delhi’s Khan Market slips to 24th on global list of most expensive retail destinations

Delhi’s upscale Khan Market has slipped one place to 24th in Cushman & Wakefield’s global ranking of the most expensive high-street retail locations, with annual rents now at $223 per sq ft. As per PTI report, the market held the 23rd position last year but continues to retain its status as India’s most expensive high street. According to the report released on Wednesday, London’s New Bond Street has taken the top global position with rents rising to $2,231 per sq ft per year, pushing Milan’s Via Monte Napoleone to second place at $2,179 per sq ft. New York’s Upper 5th Avenue now stands third with annual rents of $2,000 per sq ft, a drop from second place in last year’s list.

Cushman & Wakefield’s flagship report, Main Streets Across the World 2025, examines headline rents across 138 premier urban retail corridors, ranking the most expensive main street within each market. The top ten also includes Hong Kong’s Tsim Sha Tsui in fourth place, followed by Avenue des Champs-Élysées in Paris, Ginza in Tokyo, Bahnhofstrasse in Zurich, Pitt Street Mall in Sydney, Myeongdong in Seoul and Kohlmarkt in Vienna.

Gautam Saraf, Executive Managing Director for Mumbai and New Business at Cushman & Wakefield, stated that India’s high streets are showing exceptional resilience and rising global relevance, adding that destinations such as Khan Market, Connaught Place and Gurugram’s Galleria Market are drawing both international and domestic brands as affluence levels rise and consumer preferences evolve. With limited mall supply, he informed that high streets have become strategic locations for retailers seeking greater visibility and customer engagement.

He further noted that high streets have accounted for more than half of retail leasing activity so far this year, underscoring their growing importance in shaping India’s retail landscape and reflecting a broader shift towards premiumisation and experiential shopping, positioning India as one of the Asia-Pacific region’s most dynamic markets.

The report highlighted that Tier 1 cities are leading rental growth across APAC, with Gurugram’s Galleria Market recording a 25 per cent rise, followed by Connaught Place in New Delhi at 14 per cent and Kemps Corner in Mumbai at 10 per cent, driven by tight supply and sustained demand. Across 16 tracked Indian locations, rents grew on average by 6 per cent year-on-year. The region’s most affordable main street is also in India, with Chennai’s Anna Nagar 2nd Avenue offering annual rents of $25 per sq ft.