In addition, Hunt points out, demand for industrial space has fallen substantially, meaning that fewer prospective tenants are in the market for the space that is on the market. What this means for landlords, he says, is that they need to aggressively go after any prospective tenant who is looking at their space because the next potential tenant might not come along for quite some time.

Building owners enjoyed much more favorable conditions a few years ago, when they could be choosier. They knew that if they didn't do a deal with a tenant who was looking at their building, someone else would come along shortly to lease the space. "That has completely reversed itself," Hunt says. Nowadays, tenants know that there is a lot of space available and that spaces have been on the market for a long time, so they are being very aggressive in their lease negotiations, he says.

Landlords today need to seize the opportunity if they have a prospective tenant who is serious about leasing the space, Hunt says. He points out that industrial REITs and large institutional owners recognized this some time ago and have concentrated on maintaining occupancy in their buildings as opposed to holding out for the highest possible rents.