Delhi’s Khan Market Remains Among World’s Most Expensive Retail Destinations: Cushman & Wakefield

Gurugram, November 19, 2025: Cushman & Wakefield’s 35th edition of its flagship retail report, ‘Main Streets Across the World’, reveals that Khan Market in New Delhi ranks 24th globally, maintaining its position as India’s most expensive retail location with rents at $223 per square foot per year (psf/yr), up 3 per cent year-on-year. While its global ranking slipped slightly from 23rd to 24th, Khan Market remains India’s most expensive high street, reflecting resilience and enduring appeal amid a competitive global landscape.

London’s New Bond Street, meanwhile, has been crowned the world’s most expensive retail destination for the first time, where rents have risen by 22 per cent in the past year to $2,231 per square foot per year (psf/yr). New Bond Street has leapfrogged Milan’s Via Montenapoleone ($2,179 psf/yr), which last year became the first European street to top the global rankings, and New York’s iconic Upper Fifth Avenue ($2,000 psf/yr).

The report focuses on headline rents in best-in-class urban locations across the world, many of which are linked to the luxury sector, utilising Cushman & Wakefield’s proprietary data. The global index ranks the most expensive main street in each market.

Gautam Saraf, Executive Managing Director, Mumbai & New Business, 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. With limited mall supply, these high streets have become strategic hubs for retailers seeking visibility and engagement. 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.”

Notably, India’s retail sector has outperformed both the global and APAC averages, registering a 6 per cent YoY rental growth.

Globally, rents grew on average at 4.2 per cent with 58 per cent of markets experiencing rental growth. The Americas led regional rental growth at 7.9 per cent, driven by currency effects in South America. Europe experienced steady 4 per cent year-on-year (y-o-y) growth, with standout performances in Budapest and London. Meanwhile rents in Asia Pacific slowed to 2.1 per cent, with strong growth in India and Japan offset by economic headwinds in Greater China and Southeast Asia.

Asia Pacific Highlights

Rental growth in Asia Pacific slowed from 2.8 per cent in 2024 to 2.1 per cent in 2025, though performance varied widely across markets. India’s Tier 1 cities led the rental growth in APAC region, with Gurgaon’s Galleria Market recording a 25 per cent increase, followed by Connaught Place in New Delhi (14 per cent) and Kemps Corner in Mumbai (10 per cent). This growth was driven by limited supply and strong demand, underlining the enduring appeal of prime retail locations in India’s key urban hubs and broader trend of premiumisation. Across 16 tracked Indian locations, rental growth averaged 6 per cent year-on-year.

At the other end of the spectrum, APAC’s most affordable main street is also in India- Anna Nagar 2nd Avenue in Chennai, where rents remain at $25 psf/yr.

Elsewhere in the region, Japan’s Ginza and Omotesando in Tokyo saw strong growth of 10 per cent and 13 per cent respectively, while rents in Hong Kong’s Tsim Sha Tsui declined by 6 per cent to $1,515 psf/yr. Sydney’s Pitt Street Mall recorded modest growth of 4 per cent, reaching $795 psf/yr, marking a return to positive momentum after years of stagnation.

Cushman & Wakefield’s Asia Pacific Head of Retail Sales & Strategy Sona Aggarwal, said, “Asia Pacific retail is demonstrating resilience despite economic challenges. India, Korea and Japan are leading growth with strong demand and premiumisation. Confidence is picking up in Singapore and Sydney, with rents inching higher. Vietnam and parts of Greater China remain a little soft due to geo-political and economic headwinds. On balance, shifting shopper habits and highly adaptive retailer strategies driving innovation in “phygital” experiences keep our dynamic region poised for long-term growth.”