It's a race for space as the real estate market in Cambridge, Massachusetts sets on fire.

Boston Business Journal reports Bristol-Myers Squibb has targeted a major block of space in East Cambridge.

BBJ managing editor Craig Douglas says it's a great time to be in the real estate business in Cambridge.

"What we're seeing is some of the biggest biotech and life sciences companies in the world just rushing into Cambridge right now. Even the companies that already have a presence there, they're looking to lock up big chunks of space," he said.

Watch the above video for the complete interview.