Many were expecting a potential recession at some point in the foreseeable future. A considerable pullback was not unexpected, considering the market's euphoria over the past couple of months. Investors would find it reasonable to reallocate their capital towards REITs. The argument that individuals and businesses need to pay their rent, even under weaker economic conditions, is rational, after all.
However, with the Coronavirus kicking equities straight off a cliff, including real estate, it makes for an excellent example as to how risk always looms and prime economic conditions should never be taken for granted.