In the last hundred years it's only happened twice: Great Depression and great recession.

We turn down deals that are 15% cash on cash all day long.Retail Negatives The amazon effect will kill retailBig Box closures (JC Penney, Toy r us, Bed Bath and Beyond etc)Malls are closingRetail PositivesCan't kill internet and recession resistant businesses (dog groomers, restaurants, bars, medical, QSR's, hardware, urgent cares etc)Retail grew at 6.9% year over yearCBRE reported retail vacancy is the lowest it has been since they started recordigng that metric at 6%Retail PlayBuy retail in suburban locations where new competition is land locked.Stress test your deals and tenantsStay away from areas where there are millions of sq ft of retail (think where the Costco's or Best Buys are)Post Covid, we have become accustomed to going to suburban downtowns vs metropolitan city centers and that is where all of the growth is.Retail Case StudyWe purchased a 96k sq ft strip mall that is 18% cash on cash at purchase. 

Should I also be considering the effects of an upcoming recession given the recent historical trend?

I was focused on another business and did not start investing in real estate until the recession made it affordable.

We were directed by our architect tenant to the main bath on the first floor ( which is almost directly under the warped 2nd floor.)He thinks that moisture must be from the one recessed  light in the shower ceiling where the giant shower head is. ( at a distance).  

He wrote a book about how African Americans applying for mortgages caused the Great Recession.

The hardships of the last recession pushed a lot of folks into that position. 

The white recessed areas in the living room, that apparently used to be windows.  

Condos were the worst hit during the recession, and have bounced back strongly as the market returned to normal.  

That said, you usually don't go wrong looking in stable neighborhoods without a lot of demographic shifts, reasonably close to shopping & employment, and in communities with at least a few "recession-proof" industries - military bases, medical facilities, universities, etc.