As per a latest report released by real estate consultancy firm Cushman & Wakefield, Delhi’s Khan Market is most expensive retail location in India and 24th most expensive retail location across the world. The report presented findings from a survey which covered 400 retail locations in 66 countries.
Most Expensive Retail Locations – Overview:
- Khan Market’s 24th rank in this year’s rankings marks an improvement over 28th rank in 2016 rankings.
- Khan Market has moved up in the rankings even though there has been no change in rental values which currently stands at Rs 1250 per sq ft.
- Devaluation in rentals of some key markets has been cited as the reason behind this surge in Khan Market’s ranking.
- In the Asia-Pacific (APAC) region, Khan Market was ranked 11th, while other prime Indian locations DLF Galeria in Gurugram and Linking Road in Mumbai are ranked 19 and 20 respectively.
- Global ranking is topped by Upper 5th Avenue in New York, followed by Hong Kong’s Causeway Bay and London’s Bond Street at 2nd and 3rd rank respectively.
Rental Growth – Indian Retail Space:
- Highest year – on – year rental growth was witnessed in Connaught Place in New Delhi(11% rental growth).
- Connaught Place, which had lost its shine as a premium retail destination saw renewed interest from retailers across categories due to enhanced accessibility on account of metro construction being completed.
- Two locations in Kolkata – Park Street and Camac Street– also featured in India’s top twenty locations having high rental values. Owing to large catchment, these locations are preferred by retailers who intend to create their presence in the city.
Top 5 – Most Expensive Retail Locations in the World
|Rank||Location||Annual Rent (in USD)|
|1||Upper 5th Avenue, New York, US||3000|
|2||Causeway Bay, Hong Kong||2725.2|
|3||New Bond Street, London, UK||1719.5|
|4||Via Montenapoleone, Milan, Italy||1433|
|5||Avenue des Champs Elysees, Paris, France||1407|