Delhi's Khan Market Most Expensive High-Street Location Globally, Though Rank Slips One Notch: C&W

Khan Market has been India's costliest retail high street. However, according to Cushman & Wakefield's latest global ranking of the world's most expensive high-street locations, Khan Market has fallen one notch. From last year, this Indian High Street has dropped to the 23rd position, though the market still retains its reputation of being the most expensive one in India, with annual rents marked at around USD 223 per square foot.

The 2025 edition of Cushman and Wakefield's report, 'Main Streets Across The World', tracks the rental rates across the world's 138 prime retail corridors internationally. The latest list sees a reshuffle at the top. London's New Bond Street has now reclaimed the first position as the world's most expensive retail destination. The annual rent for this high street is now at USD 2,231 per sq ft.

Milan's Via Monte Napoleone has moved down to the second spot this year with rents nearing USD 2,179 per sq ft. Whereas, New York's Upper 5th Avenue follows in the third place, dropping one rank from last year, despite having steep rents of USD 2,000 per sq ft.

The top ten list is followed by Hong Kong's Tsim Sha Tsui, Paris's Avenue des Champs-Élysées, Tokyo's Ginza, and Zurich's Bahnhofstrasse. These destinations continue to attract global brands due to the volume of their footfall, premium locations and the luxury spending.

This narrative in India is becoming increasingly upbeat. Gautam Saraf, Executive Managing Director, Mumbai and New Business, Cushman and Wakefield, notes that the strong performance of Indian high streets highlights their growth relevance in the global ecosystem. As per him, markets like Khan Market, Connaught Place, and Galleria Market are benefiting from this rising affluent clientele. This change in consumer spending patterns is opening up market spaces in the country, creating critical avenues for brands seeking prime visibility spots.

The data also reinforces this market boom. In 2024, high streets have accounted for more than half of India's retail leasing activity, which is a direct indicator of how fast the country's retail behaviour is changing. This push towards premium formats and more experiential retail is leading India towards one of the Asia-Pacific region's fastest-growing markets.

The rental growth is being led by Tier-I cities like Gurugram, Delhi, and Mumbai. Gurugram's Galleria market saw a steep 25 per cent year-on-year growth. Across 16 such locations in India, the rents have grown by an average of 6 per cent, which is driven by constant consumer demand and tight supply.