Despite all of this grim news, landlords need to persevere and remember that they need to serve the tenants that are their customers. The lesson to be gleaned from the Sunday General Session at the Building Owners and Managers Assoc.'s annual conference is that building owners must concentrate on service.

"That's where the game is going to be won and lost," said John Akridge, chairman of Washington, DC-based real estate services firm Akridge, speaking here at the town hall discussion titled, "Searching for Value in All the Right Places."

One of the best ways to accomplish this is open communication with tenants. Transparency in this environment can go a long way. "Be proactive," said Patrick Duncan, chairman and chief executive officer of USAA Real Estate, based in San Antonio. "Getting in front of the tenant is very helpful."