We explore statistical fluctuations over the ensemble of quantum trajectories in a model of two-dimensional free fermions subject to projective monitoring of local charge across the measurement-induced phase transition. Our observables are the particle-number covariance between spatially separated regions, , and the two-point density correlation function, . Our results exhibit a remarkable analogy to Anderson localization, with corresponding to two-terminal conductance and to two-point conductance, albeit with different replica limit and unconventional symmetry class, geometry, and boundary conditions. In the delocalized phase, exhibits ``universal’', nearly Gaussian, fluctuations with variance of order unity. In the localized phase, we find a broad distribution of with (where is the system size) and the variance , and similarly for , with . At the transition point, the distribution function of becomes scale-invariant and exhibits multifractal statistics, . We characterize the spectrum of multifractal dimensions . Our findings lay the groundwork for mesoscopic theory of monitored systems, paving the way for various extensions.

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