Khan Market up two ranks in expensive retail location list
Top spot retained by New York’s Upper Fifth Avenue
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.