Khan mkt falls to 24th globally, London, Milan, New York top retail rents

Connaught Place, Galleria lead APAC rental growth as Khan Market dips to 24th

Delhi’s Khan Market has dropped one spot in Cushman & Wakefield’s latest global ranking of the world’s most expensive high-street retail locations, moving from 23rd to 24th place this year. Despite the marginal dip, Khan Market continues to hold its position as India’s most expensive high-street retail destination, commanding an annual rent of $223 per sq ft.

 

The findings are part of the global real estate consultancy’s flagship report, Main Streets Across the World 2025, which compares headline rents across 138 prime retail corridors worldwide.

 

London Takes Top Spot; Milan and New York Follow

 

For 2025, London’s New Bond Street has emerged as the most expensive retail destination globally, with an annual rent of $2,231 per sq ft.

 

 

It is followed by:

 

Via Monte Napoleone, Milan – $ 2,179 per sq ft (down from rank 1 last year)

 

Upper 5th Avenue, New York – $2,000 per sq ft (ranked 3rd this year, slipping from 2nd)

 

Hong Kong’s Tsim Sha Tsui, Paris’ Avenue des Champs-Élysées, Tokyo’s Ginza, Zurich’s Bahnhofstrasse, Sydney’s Pitt Street Mall, Seoul’s Myeongdong, and Vienna’s Kohlmarkt round out the top ten.

 

India’s High Streets Gain Global Attention

 

Despite Khan Market’s slight rank drop, Cushman & Wakefield notes that Indian high streets are gaining international relevance.

 

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.”

 

He added that with limited mall supply, high streets have become strategic hubs for brands seeking visibility, walk-ins, and experiential engagement.

 

High Streets Driving India’s Retail Leasing Boom

 

According to the report, high streets have accounted for over half of India’s retail leasing activity year-to-date, signalling their growing importance in retailer strategy.

 

India’s Tier 1 cities also led rental growth within the Asia-Pacific region, with:

 

Galleria Market, Gurugram: +25%

 

Connaught Place, New Delhi: +14%

 

Kemps Corner, Mumbai: +10%

 

Across 16 tracked Indian locations, average rental growth stood at 6% YoY, driven by strong demand and limited new supply.

 

India Hosts APAC’s Most Affordable High Street Too

 

Interestingly, while India boasts the priciest high streets in the country, it also features APAC’s most affordable prime retail stretch — Anna Nagar 2nd Avenue in Chennai, with headline rents of just $25 per sq ft per year.