Pricing and interest rates, though, have clearly been in change mode over the last few months. Wallace said the REIT markets have seen adjustments, for instance, and no one expects to see cap rates rise to 9% to 10% again. Still, Wallace insisted, "it's too early to call it a game. Right now at this stage I think you can convince yourself that [the market] is whatever you want it to be."

In this environment, firms are plowing ahead with already established investment strategies. Development is a growing interest among many of the firms, which see it adding greater relative value to a portfolio compared to acquisition. "We are at a point in the real estate cycle where we want to develop some land we have banked," Michael said. Green building, as well, is a strategy of increasing importance, most agreed, despite the higher initial development costs. Zale, for instance, reported that the additional costs to develop a LEED certified multifamily property in Battery Park was some 15%, "which is quite meaningful." Still, though, he added, the rent premium and other cost efficiencies will likely make up the difference.

There is also the competitive differentiator factor to consider, Mundt said. "In the long run, buildings that are not green will be at a disadvantage." Principal is embracing the standards for a variety of reasons that range from good citizenship to long-term planning. "We want to have the widest possible universe of tenants."