Khan Market, the snobbery central of New Delhi — street splattered with, in your face logo bearing fashion enthusiasts, foreigners in handloom, opinionated Delhi elites on loose and more. In short, Khan Market is The Trend in the Capital!
And now it has made its way into the Cushman & Wakefield’s 2019 report, “Top 20 Most Expensive Shopping Streets in the World, along with Hong Kong’s Causeway Bay and London’s New Bond Street. The survey examined 448 locations in 68 markets this year, making it its largest sample yet.
Khan market caters a wide variety of stores, including retail outlets of national and international brands, jewellery shops, bookstores, electronic stores, bakeries and restaurants. 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.
As per the report, the Capital city’s buzzing market’s annual rent value has increased from $237 (Rs.16,905.21) per square foot per year in 2018 to $243 (Rs.17,333.19) per square foot per year as of the second quarter of 2019. In terms of rent, the place saw a surge of 3.7% year-on-year in 2019.
Elaborating on the rental trends in Indian Market, the report claims, “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.”
Meanwhile Hong Kong’s Causeway Bay topped the Cushman & Wakefield’s list with a rent of $2,745 per square foot a year. The US’s Upper 5th Avenue made it to the second position and the London’s Bond Street came in third.