Chipotle Mexican Grill, for one, is still big on expanding into the Metro area to between 40 and 50 locations from the eight it currently has. But with projects not getting off the ground and some shopping venues in distress, it's getting tougher to find favorable locations, said Lisa Drake, the company's real estate manager who oversees Pennsylvania, Delaware and New Jersey for the Denver-based chain.

"We've been challenged to maintain our development pipeline," she said. "We are closely scrutinizing deals, and we are being very cautious. We're making better decisions at the end of the day."

Landlords need to adapt as well, said Brandon Famous, founder and chief executive officer of Plymouth Meeting-based Fameco Real Estate. Now that tenants are vacating spaces more rapidly, it's time to get creative.