Historical recession observation is that assets drop to a third of the high and then fairly quickly retrace to 2/3rd of the high.
This is close to the model.
I remember an article years ago about an investor who bought up most vacant buildings in, hmm, Colorado somewhere, after the real estate crash from the S&L kaboom. Said he bought brand new structures for about 10 cents on the dollar, and it didn’t make any difference how overbuilt the city was, he filled up a few of his new properties with low priced leases, cannibalizing the whole market without any prospect of competition. As the economy recovered, he either benefited as more businesses popped up and needed space, or sold 1/10 of his buildings to recover 100% of his capital.