1. You’ve been in the real estate business for a while – what are some of the most prominent changes you’ve seen in Cambridge over the years?

“The biggest change has been the sophistication needed in order to succeed in the market today. The laboratory market has grown dramatically as had the needs of today’s dynamic life science companies. Developing a comprehensive strategic plan has become critical to helping tenants navigate what has become the most competitive market in the world.”

2. Rents are obviously at historical highs – and rising. Do you think there’s an inflection point – when companies will start looking elsewhere? Or is rent irrelevant to Cambridge tenants?

“One can never forget the cyclical nature of real estate and the local life science market is not immune to those fluctuations. Rents are at an all-time high and that is already forcing many companies to consider locations outside of Kendall Square. Infection points are different for every organization however one constant remains, decision makers are focused on attracting the best and brightest talent for their organizations and they are always hopeful their space is a positive in helping recruit new talent.”

3. At just seven square miles, Cambridge is clearly land-constrained. Have you begun to see any companies opt out of large footprints and maintain smaller, satellite offices in Cambridge while setting up shop in a more economical/space abundant area?

“Supply and demand is forcing many companies to consider campus like settings and smaller satellite locations. Aggressive growth needs combined with a severely space constrained market will continue to be a challenge for the next five plus years.”

4. Venture capital investment is at unprecedented levels in Cambridge this year. Tell us a little about what you’ve observed about VC as it relates to real estate decisions

“Top tier venture capital firms and more involved in real estate decisions than they have ever been. Landlords have multiple choices for which tenants they decide to do business with. The pedigree of a company’s investors and their track record of successful investing has become a key consideration for today’s landlords.”

5. Mass Innovation Labs made a splash with three leases in area last quarter. And I’ve heard they’re already at 90% occupancy (At least in their Cambridge location). What kind of an impact do you think the co-How do you working environment will ultimately have on the lab market?

“The flexibility that Mass Innovation Labs offers is very attractive to today’s users. We see co-working solutions for both laboratory and office users as an increasingly important consideration for today’s tenants.”

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About Robert Richards

Bob has represented numerous corporate clients in transactions nationally and internationally. He has successfully completed complex assignments in India, China, Singapore, Australia, The United Kingdom, The Netherlands and Denmark, as well as all major cities in The United States. He counsels tenant clients such as Dana-Farber Cancer Institute, Harvard Medical School, Bristol-Myers Squibb, Forrester Research, Shire Pharmaceuticals and The Wyss Institute.

Prior to joining Cushman & Wakefield, Bob was a founding partner and president of Richards Barry Joyce & Partners, which was acquired by Transwestern in 2013. Prior to co-founding RBJ, he was a Principal at Trammell Crow Company. Before entering commercial real estate, Bob spent five years working as a sportscaster for CNN and WTBS in Atlanta.

Bob has received the prestigious CoreNet Global Service Provider Leadership Award and was also awarded the Commercial Brokers Association “Life Sciences Deal of the Year” award twice, for his work with Shire Pharmaceuticals and Dana-Farber Cancer Institute. He is frequently featured in the media, including the Boston Globe, New England Cable News and the Wall Street Journal, as an expert on the Boston commercial real estate market.

Bob is a member of the Dana-Farber Cancer Institute visiting committee. He also serves on the Board of Overseers at Newton-Wellesley Hospital, was appointed to the Lexington Economic Development Assistance Consortium by the town’s selectmen and is a member of the Dover Firefighters Relief Fund.