can anyone qualified answer this question, page-7

Valuations are one thing, building costs another. At the moment valuations represent just the sell / buy market. With too many companies under selling stress there is a temporarily surplus of commercial properties. But according to some experts those valuations are lower than todays building costs, hence less or no building activities. That means it won't take long that after turning the cycle we will see a strong demand in those properties as new ones can't be build in just a second. The world has survived all crisises and always needed more than before as the poulation growths.
So, we have to wait and if VPG and CER survive, and they have a good chance as their cash flow is still positive, and you have bought heaps of shares at these levels, then you get a lot of money plus distributions. Superfunds will return when their criterias are met.