Since many owners haven't been able to increase rents due to high vacancies, they can't pass through the higher operating costs, according to Transwestern SVP Bob DeMarke. This means cost control is paramount these days. (A penny saved is a penny earned... but does anyone like carrying them around?)

The greatest risk:utilitycosts, says Bob, whose firmmanages 211M SF of office, industrial, retail, and healthcare properties in 33 markets.While they decreased during the recession--30% in Illinois, where Bob's based--electricity and natural gas may jump to pre-recession prices. Three properties owned by pension funds that Transwestern manages have locked in prices until 2015; although they'll pay around10% higher than current prices, he expects it may be a bargain in later years. (If Thomas Edison only knew all the accounting hassles he's caused.) Transwestern will lock in natural gas prices for its Midwest portfolio (if owners are on board) this spring. And we just informed our local movie theater we also want to lock in prices.

Another: construction prices.As they rise against flat rents, owners have to find ways to attract tenants while avoiding recurring high TI costs, Bob says. Some landlords are offering spec suites-- typically under 5,000 SF--designed to attract growing businesses interested in shorter-term deals. (Above, a pre-built in KBS Realty Advisors' Millennium Tower in Addison, Texas, which Transwestern manages.)They're built so they can be re-used with minimal redecorating expenses, and those expanding businesses are the future tenants of larger spaces in the building. A 750k SF property in his market reportedly filled 200k SF of vacancy through spec suites, he says.

One recession-proof trend: interest in sustainability. Bob tells us landlords are divided in two--those fully engaged in having properties operate sustainably and become LEED certified, and those in wait-and-see mode to affirm if sustainable buildings create marketing/sales advantages. A LEED-certified building may merely be part of a corporate mandate, but Bob notes it's clear that the group of people most interested in sustainability is younger--"our tech tenants, our young managers.It will clearly be a subject that grows in importance as this group emerges.