(Bloomberg) -- Khan Market, an upscale retail area in the Indian capital New Delhi, retained its position among the costliest high-street retail destinations worldwide buoyed by the nation’s strong economic growth.
The cost of renting a square foot in the retail market is $229 per year as of September, which is $7 more than what is charged for Toronto’s Bloor Street, according to a Nov. 20 report from real estate consultancy firm Cushman & Wakefield. The South Asian nation saw a 9% increase in rents across 16 retail locations in the quarter, while the average global growth was 4.4%, the report showed.
“The Indian economy has been the strongest-major economy in the world this year, a trend reflected in its robust rental growth performance,” according to the report. The surging rentals in the country show the fight for high-end retail space, as more firms across the country go premium amid slowing growth in the mass consumption segment.
The costliest retail market in the world was found to be Via Montenapoleone in Italy, where annual rents per square foot have increased by 11% to $2,047, surpassing the cost of $2,000 per square foot in New York’s Upper 5th Avenue - 49th to 60th Street. Argentina’s Buenos Aires was reported to be the most affordable high street location out of the 49 most expensive main streets in the world.
Chennai’s Anna Nagar, Mumbai’s Fort area, Connaught Place in New Delhi, Gurgaon’s Galleria market, and Kolkata’s Park Street, were ranked as the other high-end retail sites in India, by Cushman & Wakefield.
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