2) Incase of an economic recession , do prices of commercial RE drastically reduce?

My market has had annual population growth every year - even during the great recession when other markets saw mass exodus, we grew.I am interested to hear other opinions on this.

If the recession continues maybe - but otherwise current owners have rates you will probably never see again, so why sell? 

Given the luck that you happen to sell your portfolio for top dollar right before the recession in 2008, then bought back again, be it perhaps not exact same but similar like kind properties, then wouldn't you have made more money?

@Mike Scott-Smith it sounds like you have mostly made up your mind, just be aware that your vacancy numbers and even nightly rate may look very different in even a moderate recession.

Below is my forecast for remainder of the year, and will pass pre-recession high of $315k, Jun'06.

The last time I purchased a car, I had to talk to the F&I guy for the trade in of an old junker, and sure enough he was one of those old "got a pulse, get a loan" mortgage loan officers from right before the Great Recession. 

OK that sounds great, but 'everybody' is getting into syndication now, they're overpaying and when the recession hits their deals will blow up."

This seems to be their plan to keep us from another housing led recession.

Texas has been pretty insulated from the recession.