Increasingly, investors are looking to protect the value of their existing properties "in order to compete and survive in an increasingly challenging environment," according to PWC, which issued the survey on Tuesday. Real estate investors don't anticipate a rebound in any sector until well into 2010, the survey states. Meanwhile, "property owners are faced with limited financing options, declining tenant demand, rising overall capitalization rates and deflated confidence," according to the survey.

"Tenants are in the driver's seat, and landlords are in survival mode, trying to preserve revenue streams in one of the harshest ownership environments ever encountered," says Tim Conlon, partner and US real estate sector leader for PWC, in a release. "It will be survival of the fittest going forward, with owners who are able to remain financially strong being better positioned to capitalize on the buying opportunities that are to come."

In the face of rising vacancy rates across many US office markets, landlords are being more proactive about signing tenants to new leases, expansions and renewals, sometimes offering leasing incentives and lower rental rates, the survey states. In addition, "some are attempting to cut property costs and better position assets in a rapidly growing tenants' market."