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Monte Carlo Office Space Guide

 

[Updated Jan 2020] A guide to serviced offices and office space for rent in Monte Carlo as well as general information that may be useful if you are considering renting an office in Monte Carlo.

For further Monte Carlo office space information or to search office space to rent in Monte Carlo just click. Or contact us for any office space search query.

History & Geography

Perhaps more than any other city in the world Monte Carlo is a byword for wealth, excess and luxury. The city, which is an administrative area of the Principality of Monaco, is situated on an escarpment on the French Riviera near the Maritime Alps on the Mediterranean. The nearest French town to Monte Carlo is Beausoleil, and the Italian border lies only a few miles away. Overlooking the port is the so-called Rock of Monaco, a massive stone monolith which from ancient times has been a coveted strategic base. In the 6th century BC, the area was colonized by the Greeks and later the Romans. It remained part of the Roman Empire until its collapse in the 5th century. The Goths controlled the area for centuries until it fell into the hands of the Franks. During the next few centuries, it changed hands between the Franks, Lombards and Saracens during which the population was severely depleted. In the 11th century the Ligurians, from western Italy, moved to the area. In 1191 the Holy Roman Emperor deemed Monaco to be under the auspices of the nearby city of Genoa and in the same year, the Genoese began constructing a fortress on the Rock of Monaco. Soon a sizable settlement had built up in the area and the Genoese were encouraging more settlers to come with tax-free land grants. In 1297 the Rock of Monaco was seized by Francois Grimaldi, thus starting the Grimaldi Dynasty which still rules Monaco to this day. The sovereignty of Monaco was confirmed in the Franco-Mongasque Treaty of 1861. Monaco remained neutral in WWI but was invaded by Italy during WWII. Since then Monaco has become a favoured tourist destination due to its mild climate and beautiful scenery. Monte Carlo itself has become known as a centre of gambling and has some of the most lavish casinos in the world.

Economy

In 1856 Charles III of Monaco granted concessions to establish several casinos in the principality. Since then the gambling industry has been a bulwark of the economy in Monte Carlo. Gamblers from all over the world fly into Monte Carlo to play at the city’s high stakes tables and have a taste of the glamour and glitz on offer. The city is one of the leading tourist resorts in Europe, catering to a high-income demographic. As well as its casinos, the city offers miles of long sandy beaches and some of the best nightclubs and restaurants in Europe. Furthermore, Monaco has established itself as a tax haven, so Monte Carlo is home to many individuals and companies who have managed to gain residency. There is no income tax in Monaco and business taxes remain very low. Due to this Monaco is home to many ‘tax refugees’, those whose main income is earned away from their native countries. Much of the city’s economy is fuelled by financial services and commerce. Monaco has an annual GDP income of USD 6.581 billion. The principality also has the world’s highest per capita income at USD 186,175.

Tourism & Culture

Tourism currently makes up at least 15 percent of the annual income of Monaco, and much of this is from the tourists brought in by the gaming tables of Monte Carlo. After Las Vegas, the city is the number one gambling destination in the world and features some of the most high profile casinos on earth. Among the most famous are Le Grand Casino, Monte Carlo Bay Casino and the Monte Carlo Sporting Club & Casino. Monte Carlo is also home to the Monaco Grand Prix, one of the most venerated motorsport events in the world. The track is known to be one of the most technically demanding in all of Formula One and the race attracts thousands of tourists every year. Most tourists come to Monte Carlo for the gambling and tend to occupy a high economic bracket. However, there are a host of other activities in both Monte Carlo and Monaco itself. One highly popular tourist destination is the Rock of Monaco and the vast fortress which sits atop it. It was this fortress that Francois Grimaldi infiltrated while dressed as a priest. Monte Carlo is also a popular yachting destination and there are always hundreds of luxury yachts to be found in its harbour of La Condamine.

Transportation

The closest airport to Monte Carlo is the Cote d’Azur Airport in Nice, France. Many travel via the Monte Carlo International Heliport which provides service to Nice and several French ski resorts. The city is also served by the Monaco Monte Carlo Railway Station. It is on the line linking Nice to Ventimiglia in Italy. There are six bus routes running through Monte Carlo itself, all of which are run by the Compagnie des Autobus de Monaco. In total there are 143 bus stops in Monaco.

Office space for rent in Monte Carlo

Currently, Monte Carlo has the most expensive real estate in the world. The average asking purchase price for office space is USD 5,408 per square foot. Monaco is divided into four quarters, of which Monte Carlo is one. Most of the property in the city is residential or hosts casinos or restaurants. There are some offices in the city, however, many of which are located on the Boulevard D’Italie, to the east of the city, which is one of the busier business districts in Monte Carlo.

Our office space search, advisory and acquisition services are FREE, always. Our Monaco office space brokers and agents are globally regulated by the Royal Institution of Chartered Surveyors (RICS) ensuring the highest standards of commercial property advice and service at all times.

 

 

The Office Providers are Regulated by the Royal Institution of Chartered Surveyors (RICS)

The Office Providers are Regulated by the RICS

 



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