Wednesday, 19 November 2025
Wednesday, 19 November 2025
Delhi’s upscale Khan Market has slipped one spot to 24th place in Cushman & Wakefield’s global ranking of the most expensive high-street retail locations, with annual rents at USD 223 per sq ft.
The market was ranked 23rd globally in last year’s edition but continues to hold its position as India’s most expensive high street.
According to the Cushman & Wakefield report released on Wednesday, London’s New Bond Street has emerged as the world’s costliest retail destination, commanding annual rents of USD 2,231 per sq ft.
Milan’s Via Monte Napoleone, which previously topped the list, is now the second most expensive, with rents at USD 2,179 per sq ft.
New York’s Upper 5th Avenue (49th to 60th Streets) placed third with annual rents of USD 2,000 per sq ft, down from its second-place ranking last year.
The global real estate firm unveiled its flagship retail study, Main Streets Across The World 2025, which tracks headline rents across 138 premier urban retail corridors worldwide. The index highlights the most expensive main street in each market.
Hong Kong’s Tsim Sha Tsui ranked fourth globally, 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.
Commenting on India’s performance, Gautam Saraf, Executive Managing Director, Mumbai & New Business at Cushman & Wakefield, said, "India's high streets are demonstrating exceptional resilience and growing global prominence. Premium destinations like Khan Market, Connaught Place, and Galleria Market are attracting international and domestic brands, driven by rising affluence and evolving consumer preferences."
He added that limited mall supply has turned these high streets into strategic hubs for brands seeking greater visibility and consumer engagement.
Saraf further noted, "Year-to-date, high streets have accounted for over half of retail leasing activity, underscoring their critical role in shaping India's retail evolution. This transformation reflects a broader trend of premiumisation and experiential retail, positioning India as one of Asia Pacific's most dynamic markets."
The report highlighted that India’s Tier 1 cities recorded the strongest rental growth in the Asia Pacific region.
Gurugram’s Galleria Market saw a 25 per cent jump in rents, followed by Connaught Place in New Delhi with a 14 per cent rise, and Kemps Corner in Mumbai with a 10 per cent increase.
Strong demand combined with limited supply has driven this momentum. "Across 16 tracked Indian locations, rental growth averaged 6 per cent year-on-year," the consultant said.
The APAC region’s most affordable main street is also located in India: Anna Nagar 2nd Avenue in Chennai, where annual rents stand at USD 25 per sq ft.
