Delhi’s Khan Market among world’s most expensive main streets: How it compares to London, Milan, NYC, Paris, others

Delhi’s Khan Market is India’s most expensive high street, according to a new report released by real estate consultancy Cushman & Wakefield. In its flagship retail report ‘Main Streets Across the World’, C&W said that the high street’s rent has increased 3% year-on-year to $223 per square foot per year this year.

Globally, despite the rise in rent, Khan Market’s ranking slipped slightly from 23rd most expensive last year to 24th this year.

World’s most expensive main streets:

London’s New Bond Street has been crowned the world’s most expensive retail destination for the first time, where rents have risen by 22% in the past year to $2,231 per square foot per year (psf/yr).

In the second spot, New Bond Street has leapfrogged Milan’s Via Montenapoleone ($2,179 psf/yr), which last year became the first European street to top the global rankings, and New York’s iconic Upper Fifth Avenue ($2,000 psf/yr) ranked third.

Tsim Sha Tsui (main street shops) in Hong Kong has been ranked 4th on the global list, followed by Avenue des Champs-Élysées in Paris, Ginza in Tokyo, Bahnhofstrasse in Zurich, Pitt Street Mall in Sydney, Myeongdong in Seoul, and Kohlmarkt in Vienna.

Notably, India’s retail sector has outperformed both the global and APAC averages, registering a 6% YoY rental growth.

“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,” said Gautam Saraf, Executive Managing Director, Mumbai & New Business, Cushman & Wakefield.

With limited mall supply, Saraf said that these high streets have become strategic hubs for retailers seeking visibility and engagement.

“Year-to-date, high streets have accounted for over half of retail leasing activity, underscoring their critical role in shaping India’s retail evolution. This transformation reflects a broader trend of premiumisation and experiential retail, positioning India as one of Asia Pacific’s most dynamic markets,” Saraf added.

Specifically in the Asia Pacific, rental growth slowed from 2.8% in 2024 to 2.1% in 2025. In India, Gurgaon’s Galleria Market saw the highest rise in rents at 25% year-on-year, followed by Connaught Place in New Delhi (14%) and Kemps Corner in Mumbai (10%). This growth was driven by a limited supply and strong demand, underlining the enduring appeal of prime retail locations in India’s key urban hubs and the broader trend of premiumization, C&W said.

Across 16 tracked Indian locations, rental growth averaged 6% year-on-year.

APAC’s most affordable high-street also in India

Interestingly, the report also mentions that APAC’s most affordable main street is located in India – Anna Nagar 2nd Avenue in Chennai, where rents remain at $25 per square foot per year.

Sona Aggarwal, Cushman & Wakefield’s Asia Pacific Head of Retail Sales & Strategy, said that APAC retail is demonstrating resilience despite economic challenges.

“India, Korea, and Japan are leading growth with strong demand and premiumisation. Confidence is increasing in Singapore and Sydney, with rents rising slightly. Vietnam and parts of Greater China remain a little soft due to geopolitical and economic headwinds. On balance, shifting shopper habits and highly adaptive retailer strategies driving innovation in ‘phygital’ experiences keep our dynamic region poised for long-term growth,” Aggarwal said.