Khan Market named as world's 20th most expensive retail location
New Delhi’s luxury retail destination Khan Market has been named as the most expensive in India and 20th most expensive in the world by international property consultant Cushman & Wakefield.
India’s Khan Market saw rent value increase by 3.7% year-on-year in 2019 and moved up one rank from 21 to 20 in Cushman & Wakefield’s report, “Top 20 Most Expensive Shopping Streets in the World,” the consultancy firm posted on its website. Khan Market’s rent increased from $237 per square foot per year in 2018 to $243 per square foot per year as of the second quarter of 2019, according to the firm’s data.
India’s most expensive retail street Khan Market includes brands such as Ogaan, Am:Pm, Forest Essentials, Raghavendra Rathore, and Innisfree among others. The area is known as a fashion hub and also has a large number of art dealers.
Hong Kong’s Causeway Bay topped Cushman & Wakefield’s list again with rent at $2,745 per square foot a year in quarter two of 2019. The US’s Upper 5th Avenue came in second and the UK’s Bond Street came in third and there was no change in the top 7 most expensive locations compared to 2018. This year, the survey examined 448 locations in 68 markets, its largest sample yet.
"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. Clothing and accessories were named as some of the sectors experiencing the highest growth and rents are expected to increase in the short term, the report said.
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