Protect the bottom line. Now more than ever, it is critical for companies to preserve their assets and cut costs. Real estate remains the second greatest corporate expense, following payroll, and the risks abound. In considering cost-saving measures, tenants should note that proper, unbiased guidance from a qualified tenant representation firm will save them money and protect their interests.

Think strategically. Another way to save in the long run is to make upfront investments in strategic planning, allowing companies to reconfigure their space and improve productivity. Companies with leases approaching expiration should determine which assets they want to retain, sublet or let expire, and make sure that their decisions on short- and long-term leases are aligned with their business plan. This is particularly important to companies that may need to downsize or "right-size."

Ask about conflicts of interest. Brokers from traditional firms (which represent tenants and landlords) cannot adequately serve two masters and avoid conflicts of interest. Especially in this environment, tenants need to ensure that their advisor is putting their interests first. To be sure, tenant representation firms and traditional firms are colleagues that work together. But the tenant representation model is gaining traction during this challenging economic time as companies realize how much is truly at stake. We encourage companies to perform their due diligence in selecting a brokerage firm. Finally, we believe that advisors who can negotiate aggressively on behalf of their clients, without fear of repercussions from landlords, are best positioned to capitalize on today's market opportunity.

Doug Haynes is managing principal of CresaPartners' Paramus office. The views expressed in this article are the author's own.