Khan Mar­ket up two ranks in ex­pen­sive re­tail lo­ca­tion list

Top spot re­tained by New York’s Up­per Fifth Av­enue

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New Delhi’s Khan Mar­ket has so­lid­i­fied its global rank­ing by t wo places to the world’s 24th most ex­pen­sive re­tail lo­ca­tion glob­ally. The top spot has been re­tained by New York’s Up­per Fifth Av­enue fol­lowed by Hong Kong’s Cause­way Bay on sec­ond spot and Av­enue de Champs El­y­sees in Paris com­plet­ing the top three in real es­tate con­sul­tancy Cush­man & Wake­field’s an­nual flag­ship re­port, Main Streets Across the world

Khan Mar­ket, the most ex­pen­sive re­tail lo­ca­tion in In­dia, was ranked 24, mov­ing up two places. De­spite wit­ness­ing no change in the rental val­ues of the lo­ca­tion, New Delhi’s shop­ping hotspot gained in rank­ings due to mar­ginal changes in the rank­ings of other coun­tries. The mi­cro mar­ket has been the most ex­pen­sive mar­ket in In­dia for more than five years as de­mand for re­tail space has re­mained steady on ac­count of its lo­ca­tion and cur­rent oc­cu­pier pro­file.

The area, which is cen­trally lo­cated within the In­dian Cap­i­tal, is flanked on all sides by high end res­i­den­tial catch­ment space. The pres­ence of many global and na­tional brands with their flag­ship stores in the re­gion has also added to the at­trac­tion of the lo­ca­tion. Within the APAC re­gion, Khan Mar­ket was ranked 10 as the most ex­pen­sive re­tail lo­ca­tion.

Within the In­dian mar­kets, New Delhi and NCR ac­counted for the top four most ex­pen­sive lo­ca­tions with Con­naught Place be­ing sec­ond, DLF Gal­le­ria in Gur­gaon be­ing third and South Ex­ten­sion in New Delhi be­ing fourth- most ex­pen­sive.

All t he t hree mar­kets recorded a year– on– year g rowth due t o a steady in­crease in re­tail ac­tiv­i­ties in th­ese lo­ca­tions. En­try of new brands in the mar­ket and ex­pan­sion of ex­ist­ing brands have con­trib­uted to the growth in rental val­ues of th­ese lo­ca­tions. Th­ese are es­tab­lished mar­kets with long stand­ing in­ter­est from oc­cu­piers as well as con­sumers on ac­count of ten­ant mix, ac­ces­si­bil­ity and legacy. Thus most brands have been work­ing on es­tab­lish­ing pres­ence in th­ese mar­kets, de­spite rentals inch­ing north­wards. DLF Gal­le­ria saw one of the high­est in­creases in year–on– year rentals at over 15% on ac­count of bet­ter ten­ant mix and bet­ter qual­ity of re­tail space.

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