Khan Market in Delhi is world's 20th most expensive retail location! Annual rent will bring tears to your eyes
Khan Market in Delhi has emerged as one of the most expensive locations in India and it is getting pricier! So much so, that the rents charged there will surely bring tears to your eyes. Khan Market has moved one place up from last year to become world's 20th most expensive retail location, according to global property consultant Cushman & Wakefield. Last year, the upscale shopping market was ranked at the 21st position by the same firm. In its latest report 'Main Streets Across the World 2019', the consultant said that Khan Market is ranked 20th in the list of the most expensive retail locations with an annual rent of $243 per sq ft. The rent has gone up by $6 from $237 per sq ft last year.
Top 5 most expensive retail location in world
Causeway Bay in Hong Kong retains the number one ranking, commanding an annual rent of USD 2,745 per sq ft. New York's Upper 5th Avenue is at second position (USD 2,250 per sq ft), followed by London's New Bond Street (USD 1,714 per sq ft) and Avenue des Champs Elysees in Paris (USD 1,478 per sq ft).Via Montenapoleone in Milan, Italy ranks fifth with an annual rent of USD 1,447 per sq ft, the report said.
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The rankings are based on rentals during the second quarter of 2019 calendar year. "Rental trends over the past year have largely been pointing upwards, with the lack of availability in the best shopping malls pushing more brands to seek out prominent, high footfall locations in the main commercial corridors," the report said about the Indian market.
The report added that bigger cities like Mumbai, Delhi-NCR and Bengaluru have experienced only marginal increases but other cities such as Chennai, Pune and Kolkata, which have a more vibrant high street culture, have recorded much stronger rental uplift. It said that maximum growth was seen in sectors like food and beverage (F&B), clothing and accessories, along with hypermarkets and e-commerce retailers opening physical stores.
The Cushman & Wakefield report tracked 448 locations across 68 countries.
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