Delhi’s Khan Market is the 22nd Most Expensive Retail Location in the World

New Delhi. Khan Market, located in India’s national capital, ranks as the 22nd most expensive retail location globally, with an annual rent of $229 (over ₹19,000) per square foot.

According to Cushman & Wakefield (C&W), Via Monte Napoleone in Milan, Italy, has become the world’s most expensive retail destination, with an annual rent of $2,047 per square foot. It has surpassed New York’s Upper 5th Avenue (49th to 60th Street), where the rent is $2,000 per square foot.

On Thursday, global real estate consultancy Cushman & Wakefield released the 34th edition of its flagship retail report, Main Streets Across the World 2024. The report ranks 138 prime urban retail locations based on rents, identifying the most expensive destinations in each market.

Saurabh Chaturvedi, Managing Director (Capital Markets) and Head (Retail-India) at Cushman & Wakefield, said, “Khan Market’s inclusion among the world’s top retail destinations highlights the strength and resilience of India’s retail sector.”

He added, “Known for its premium brands and high-end boutiques, Khan Market attracts affluent shoppers, reinforcing its position as a prestigious retail location. Limited retail space availability in this area drives intense competition, pushing rental prices higher.”

Other locations on the list include:

• New Bond Street (London): $1,762 per square foot annually (3rd place)
• Tsim Sha Tsui (Hong Kong): $1,607 per square foot annually
• Avenue des Champs-Élysées (Paris): $1,282 per square foot annually
• Ginza (Tokyo): $1,186 per square foot annually
• Bahnhofstrasse (Zurich): $981 per square foot annually
• Pitt Street Mall (Sydney): $802 per square foot annually
• Myeongdong (Seoul): $688 per square foot annually
• Kohlmarkt (Vienna): $553 per square foot annually.