Khan Market Drops A Spot Worldwide — But Still Tops India’s High-Street Rents
Across 16 tracked locations in India, rents grew an average 6% year-on-year, driven by strong demand and constrained supply.
Delhi’s upscale Khan Market has slipped one spot in the global rankings of the world’s most expensive high-street retail locations, placing 24th this year with an annual rent of $223 per square feet, according to Cushman & Wakefield. The market held the 23rd position in last year’s list, yet it continues to remain India’s most expensive high street.
Cushman & Wakefield’s flagship report, Main Streets Across The World 2025, released on Wednesday, ranks London’s New Bond Street as the world’s costliest retail destination, commanding an annual rent of $2,231 per sq ft. Milan’s Via Monte Napoleone, which previously topped the list, has slipped to the second spot at $2,179 per sq ft, while New York’s Upper 5th Avenue now takes third place with rents of $2,000 per sq ft, down from its No. 2 spot last year.
The global index tracks headline rents across 138 prime retail corridors, naming the most expensive main street in each market. Completing the global top 10 are:
Tsim Sha Tsui in Hong Kong; Champs-Élysées in Paris; Ginza in Tokyo; Bahnhofstrasse in Zurich; Pitt Street Mall in Sydney; Myeongdong in Seoul; and Kohlmarkt in Vienna.
Back home, India’s premium high streets are gaining prominence. Gautam Saraf, Executive Managing Director, Mumbai & New Business at Cushman & Wakefield, noted that destinations such as Khan Market, Connaught Place, and Galleria Market are drawing strong interest from global and domestic brands amid rising affluence and evolving consumer tastes. With limited mall supply, these high streets have become strategic hotspots for retailers chasing visibility and customer engagement.
Saraf added that over half of India’s retail leasing activity this year has taken place on high streets, reflecting the country’s shift towards premium and experiential retail. India also led rental growth in the APAC region:
Gurugram’s Galleria Market saw rents jump 25%,
Connaught Place rose 14%, and
Kemps Corner in Mumbai climbed 10%.
Across 16 tracked locations in India, rents grew an average 6% year-on-year, driven by strong demand and constrained supply.
Meanwhile, the APAC region’s most affordable main street is also in India: Anna Nagar 2nd Avenue in Chennai, where rents stand at $25 per sq ft per year.
(With inputs from PTI).
