My extended family is heavily dependent on commercial real estate. My dad is the least (relatively) successful/smallest of the family. He's an agent (and small owner). At the end of 2019 helped facilitate a HUGE __ insert a top firm __ reit deal; $10 digits in a small ish state. Literally the top of the market. There's a reason his friend who sold that insane Sq Ft was already super wealthy. The small buildings my dad owns sounds like many can't pay rent.

I personally hedged a bit and including put REIT exposure. But despite having a super pessimistic view on the economy, seeing losses now is scary and I'm thinking about closing (i did move my main savings into much safer territory before the biggest drop and govt said they will buy unlimited bonds/debt..). That idiom the market can remain irrational longer comes to mind