One thing commonly done (for example in the source separation community) is to use the phase data of the original signal (before transformation where applied to it) - the result is much better than null or random phase, and not so far from algorithms aiming at reconstructing the phase information from scratch.
A classic reconstruction algorithm is Griffin&Lim's, described in the paper "Signal estimation from modified short-time Fourier transform". This is an iterative algorithm, each iteration requires a full STFT / inverse STFT, which makes it quite costly.
This problem is indeed an active area of research, a search for STFT + reconstruction + magnitude will yield plenty of papers aiming at improving on Griffin&Lim in terms of signal quality and/or computational efficiency.
You can find detailed dicussion hereThread on DSP Stack Exchange