Cooper: For companies in the business of innovation, it is important to balance lease flexibility against the intense capital improvements needed to build specialized space. My approach to transaction management is to focus on delivering the most functionality in a given facility, while creating maximum flexibility in lease terms. The market has changed drastically since the recession; dwindling supply has made the need to maximize negotiating leverage more important than ever.

GlobeSt.com: What are these tenants seeking in their workspace?

Cooper: Life-sciences and biotech users have been making a definite shift toward cleaner, simpler floor plans featuring creative uses of light and progressive work/live concepts that increase employee interaction. With decreasing vacancy, rents have generally gone up, placing more importance on reusability of tenant improvements, as well as cost-saving renewable energy features. We are seeing a trend toward modular plug-and-play concepts, which enhances flexibility and efficient use of space.

GlobeSt.com: How are you advising your clients today?

Cooper: I have been very focused on advising companies that are currently in leases that were signed during the downturn. Companies needing to relocate or those with contracts due for renegotiation will experience a marked reduction in leasing incentives today, so it is critical for tenants to get ahead of their lease expirations, create a plan, and maximize leverage. The need to be forward-thinking has never been greater.