the opportunities will be in investor properties  with severely under capitalized landlords and commercial/retail some office those cannot be immune from this..

Plus rent is not a guaranteed income stream as Erik pointed out people think so but during the GFC many folks with max leverage had vacancies and lost their portfolios I know people think rentals are immune but they are not. true financial freedom Is ZERO debt rentals in the rental concepts.

This is pretty fascinating to me to hear Lethbridge is immune to the cyclical nature of oil and gas.

Neither is immune or necessarily better in an upturn or downturn.The advantage to larger homes besides what is mentioned above is that there are less of them. 

My SS investment is performing well during the current recession, but it's certainly not immune from economic conditions in principle.Can it be a great investment?

And it looks like the institutional quality and low debt features of most DSTs aren’t immune to good ole market forces.

In my experience, folks who say things like this are:1)Guru snake oil salesman touting huge fantasy profits with zero risk trying to lure the next sucker into their scheme, or2)Are so full of themselves and enamored with their own investment greatness that they have bought into their own hype and actually believe that what they are doing has no market risk and can't lose, or3)Both 1 & 2 above.If I can alert newbies out there that anyone claiming to be immune from market forces and can't lose money is not to be trusted, admired, emulated, or even taken very seriously, then I have added HUGE value to this forum.

However, remember that even gigantic companies like the once-untouchable Countrywide proved to be not immune to collapse.

Just remember that no market is immune to economic or natural disaster that could send your business in a tail spin.

If California is now the birthplace of civilization, then I guess it is immune to the things that happened to those insignificant places like Tokyo, Barcelona, London and Sydney.California is great again - no doubt.