Hong Kong followed with rents of $975 per square feet per annum, while Moscow overtook Tokyo to move to third place from fourth.

Paris and Tokyo filled the next two slots, the five cities making up the most expensive retail locations.

Delhi ranked 69th.

Said Anshuman Magazine, chairman and managing director of CB Richard Ellis in South Asia: 'Rentals in Delhi NCR have corrected further when compared to the beginning of 2008.'

According to him, retailers feel rentals 'have corrected to sustainable levels' and rentals are 'being renegotiated to make retail operations financially viable'.

'Another trend that has been witnessed during this time is of developers adopting a renewed stance towards revenue share agreements, as opposed to earlier, when the demand situation was more favourable,' Magazine added.