I completely agree that commercial real estate is a very viable investment, and have in fact invested in it myself, I would push back a bit on your assessment of the viability of equities.

Is it likely that we’ll see 10%/year returns in the coming decade or three? Probably not. However, your example of choosing the top of the market in 1929 is highly misleading.

The likelihood of someone investing their entire portfolio exactly at the top of the market is exactly as unlikely as buying in at the bottom of a major bull market.

Further, central banks have learned from the great depression and will react differently, mashing such a cataclysmic drop fairly unlikely.