What is a fonds de commerce in Monaco?

A fonds de commerce is the bundle of commercial assets that makes a business viable at a particular location: the trading name, customer base, goodwill, equipment and the right to occupy the premises under an existing lease. In Monaco, fonds de commerce are commonly sold in the restaurant, bar, retail and service sectors. Acquiring one is distinct from signing a new lease: you buy the ongoing business rights from the outgoing tenant, typically with notarial involvement, and take over the existing bail commercial.

How much does office space cost in Monaco?

Office rents in Monaco range from approximately €50 to €120 per square metre per month depending on location and building quality. Fontvieille business park provides the largest concentration of modern office stock at the lower end of that range. Central Monte-Carlo offices command the highest rents. Older buildings in La Condamine and Les Moneghetti sit in the middle of the range.

How long are commercial leases in Monaco?

Commercial leases in Monaco are typically structured on a 3-6-9 basis: a minimum term of three years, with a right for the tenant to break at the three- and six-year points. Some landlords require a longer initial commitment for prime retail locations. Unlike residential leases, commercial lease terms are largely negotiated between the parties rather than prescribed by law.

Which district has the most commercial property available?

Fontvieille has the greatest concentration of commercial and office space, including Monaco's only dedicated business park. It suits light industrial users, workshops, back-office operations and mid-size companies. For retail and client-facing offices, Monte-Carlo has the premium stock, particularly on and around the Carré d'Or. La Condamine has mixed-use ground-floor retail near the port and market.

Complete Guide

Commercial Property in Monaco

Q: What is the difference between fonds de commerce and droit au bail?

A fonds de commerce includes goodwill, the trading name, customer relationships and equipment as well as the lease rights. A droit au bail is narrower: it is only the right to take over an existing lease, with no associated business goodwill. Droit au bail transactions are used when a tenant wants to exit a lease and transfer their position to a new occupant, typically at a price that reflects the remaining term and the quality of the location.

Q: Can a foreign company lease commercial space in Monaco?

Yes. Foreign companies can lease commercial space in Monaco. Companies incorporated outside Monaco typically need to establish a local presence — a branch (succursale) or a Monaco subsidiary — to enter into a commercial lease, as Monegasque landlords generally require a locally registered entity as the contracting party. A local accountant or lawyer can advise on the most appropriate structure for a given business.

A practical guide to leasing offices, retail boutiques and business premises in Monaco, including how fonds de commerce and droit au bail transactions work.

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Monaco has one of the most constrained commercial property markets in the world. The Principality covers just 2.02km², and a significant proportion of that is residential, infrastructure or public space. The commercial stock that does exist divides sharply: a small number of premium retail and office locations that command very high rents, and a larger pool of functional space in Fontvieille and the secondary streets of Monte-Carlo and La Condamine.

For businesses looking to establish or expand a Monaco presence, understanding the local terminology — particularly the distinction between a bail commercial, a fonds de commerce and a droit au bail — is essential before beginning a search. So is understanding that much of what is available never reaches an open portal.

This guide covers the main types of commercial property in Monaco, the key districts, how the leasing and acquisition process works, and what to expect at each stage.

Property types

Types of commercial property in Monaco

Bureaux — office space

Monaco has a limited but improving office supply, concentrated in Fontvieille and central Monte-Carlo. Modern fitted-out suites are available from around 30m², with larger floorplates in the Fontvieille business park. Rents range from €50 to €120/m²/month depending on location and specification.

Boutiques and retail premises

Ground-floor retail in Monaco operates at two distinct levels: the Carré d'Or and Avenue des Beaux-Arts, where rents are among the highest in Europe and tenants are almost exclusively global luxury brands; and secondary retail on Boulevard des Moulins, Avenue Prince-Pierre and La Condamine, where independent businesses and local services trade.

Fonds de commerce

A fonds de commerce is the bundle of commercial assets attached to a location: goodwill, the trading name, customer relationships, equipment and the bail commercial (the right to occupy). Buying a fonds de commerce is the standard entry route for restaurants, bars, salons and retail businesses. A notaire is involved in the transfer.

Droit au bail

A droit au bail is the right to take over an existing commercial lease, without any associated goodwill or business assets. It is used when a tenant wants to exit mid-lease and assign their position to a new occupant. The price reflects the remaining term and the quality of the location rather than any business value.

Locaux d'activité — light industrial

Light industrial and workshop units are concentrated in Fontvieille, which was developed specifically for commercial and craft uses. Units range from small ateliers to warehousing bays. These are practical spaces for tradespeople, fabricators, logistics operations and businesses that need storage alongside office space.

Locations

Commercial districts

Fontvieille

Business and industrial

Monaco's dedicated commercial district. The Fontvieille business park has modern office buildings, light industrial units, workshops and warehousing. The largest concentration of commercial space in the Principality, at the most competitive rents.

District guide

Monte-Carlo — Carré d'Or

Premium retail and flagship offices

The golden square around the Casino, Avenue des Beaux-Arts and the Place du Casino commands the highest commercial rents. Occupied almost exclusively by international luxury brands, private banks and wealth managers. New availability is rare.

District guide

La Condamine

Mixed retail and services

Port-side district with a mix of everyday retail, cafes, restaurants and service businesses. Boulevard Albert I and Avenue Prince-Pierre have ground-floor commercial units at more accessible rents than Monte-Carlo. Active daily footfall from the Condamine market.

District guide

Monte-Carlo — secondary retail

Mid-market retail

Boulevard des Moulins and the surrounding streets have a secondary retail strip of boutiques, food outlets, pharmacies and local services. Rents are significantly below the Carré d'Or while benefiting from good pedestrian footfall.

District guide

The process

How to acquire commercial space in Monaco

Whether you are taking a new lease, buying a fonds de commerce or acquiring a droit au bail, the stages are similar.

Define your brief

Establish the size, location, type of use and maximum lease commitment. Monaco's commercial market is small: a well-defined brief helps your agent identify opportunities quickly, including off-market ones. Be clear about whether you need a new lease, a fonds de commerce acquisition, or a droit au bail.

Engage a commercial agent

Most commercial transactions in Monaco are handled by CISAM-licensed agents who specialise in commercial premises. Some residential agencies also cover commercial. Access to off-market availability is significant in a market this small, so agent relationships matter more than portals.

Review lease or acquisition terms

For a new lease: negotiate the term, rent, rent-free period (if any), break clauses, dilapidations obligations and permitted use. For a fonds de commerce: agree the purchase price, the included assets and the conditions. Always involve a Monaco lawyer before signing anything.

Due diligence

For a fonds de commerce, carry out financial due diligence on the trading history, existing contracts, staff, supplier agreements and any disputes. Verify the permitted use rights under the existing lease. Check whether the landlord's consent is required for the assignment.

Notarial completion

Fonds de commerce transfers are completed before a notaire and registered with the relevant Monaco authority. New commercial leases do not always require a notaire but many landlords use one for larger transactions. Legal fees and registration costs vary by transaction type.

Take possession

On completion, take a detailed inventory of any fixtures and fittings. Confirm that utilities, telephone lines, and any existing contracts are transferred or terminated as agreed. Notify relevant Monaco authorities of the new occupant.

Monaco commercial property: things to know

Local entity required: most landlords require a Monaco-registered company or branch as the contracting tenant. Plan for this before beginning a search.
Off-market is the norm: a large proportion of commercial availability in Monaco is not publicly listed. Relationships with licensed agents are the most effective way to access the full market.
Notarial involvement: fonds de commerce transfers and some commercial leases require a notaire. Budget for legal and registration costs in addition to the purchase price or first year's rent.
Permitted use: commercial leases specify the permitted business activity. Changing the use of a premises — from retail to restaurant, for example — requires landlord consent and may require a new planning approval from Monaco's Direction de l'Aménagement Urbain.

Frequently asked questions

What is a fonds de commerce?

A fonds de commerce is the bundle of commercial assets that makes a business viable at a particular location: trading name, customer goodwill, equipment and the right to occupy under an existing bail commercial. Acquiring one is the standard route into the Monaco restaurant, bar, retail and service sectors.

What is the difference between fonds de commerce and droit au bail?

A fonds de commerce includes goodwill, the trading name and business assets as well as lease rights. A droit au bail is only the right to take over an existing lease, with no business goodwill. Droit au bail is used when a tenant exits a lease mid-term and assigns their position to a new occupant.

Can a foreign company lease commercial space in Monaco?

Yes, though most landlords require a locally registered entity as the contracting party. Foreign companies typically need to establish a Monaco branch (succursale) or subsidiary. A Monaco accountant or lawyer can advise on the right structure.

How much does office space cost?

Monaco office rents range from around €50 to €120/m²/month. Fontvieille business park is at the lower end; central Monte-Carlo is at the top. Older buildings in La Condamine and Moneghetti sit in the middle of the range.

How long are commercial leases?

Commercial leases in Monaco are typically structured on a 3-6-9 basis: a minimum of three years, with tenant break rights at three and six years. Prime retail locations may require a longer initial commitment. Terms are negotiated between the parties.

Which district has the most commercial availability?

Fontvieille has the greatest volume of commercial and office space, including Monaco's only dedicated business park. For retail and client-facing offices, Monte-Carlo has the premium stock. La Condamine has mixed-use ground-floor retail at more accessible rents.

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