New Delhi hotspot ranks 24th worldwide as Indian high streets outpace global rental growth
New Delhi’s Khan Market has retained its position as India’s most expensive high-street retail location for 2025, with annual rents rising 3 per cent to USD 223 per square feet, according to Cushman & Wakefield’s Main Streets Across the World report. The market slipped one spot to 24th in the global rankings of the world’s 25 priciest retail destinations.
The consultancy said India’s top high streets continue to gain ground internationally, supported by a premiumisation wave in major urban centres and a steady rise in demand for prime space. Across 16 Indian locations tracked, rents increased an average of 6 per cent year-on-year, above the global average of 4.2 per cent.
“This growth was driven by limited supply and strong demand, underlining the enduring appeal of prime retail locations in India’s key urban hubs and broader trend of premiumisation,” the report said.
Among individual markets, Gurugram’s Galleria posted the sharpest rise at 25 per cent, followed by Connaught Place with 14 per cent and Mumbai’s Kemps Corner with 10 per cent. Chennai’s Anna Nagar 2 Avenue remained the most affordable main street in the Asia Pacific region at USD 25 per sq ft annually.
Globally, London’s New Bond Street has taken the top position for the first time, with rents climbing 22 per cent to USD 2,231 per sq ft per year. It moved ahead of Milan’s Via Montenapoleone at USD 2,179 and New York’s Upper Fifth Avenue at USD 2,000.
The report showed that 58 per cent of prime global retail streets recorded rental growth, reflecting persistent demand for limited premium supply. Asia Pacific rents rose 2.1 per cent, easing from 2.8 per cent a year earlier, with strong gains in India and Japan offset by weakness in parts of Greater China and Southeast Asia.
In Japan, Tokyo’s Ginza and Omotesando saw rents increase 10 per cent and 13 per cent respectively, while Hong Kong’s Tsim Sha Tsui fell 6 per cent. Sydney’s Pitt Street Mall posted a 4 per cent rise.
“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. With limited mall supply, these high streets have become strategic hubs for retailers seeking visibility and engagement,” said Gautam Saraf, Executive Managing Director, Mumbai and New Business, Cushman & Wakefield.
“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,” he added.
Sona Aggarwal, Asia Pacific Head of Retail Sales and Strategy at the firm, said that “Asia Pacific retail is demonstrating resilience despite economic challenges. India, Korea and Japan are leading growth with strong demand and premiumisation. Confidence is picking up in Singapore and Sydney, with rents inching higher. Vietnam and parts of Greater China remain a little soft due to geo-political and economic headwinds.”
