With the amount of layoffs starting to happen, will the workforce in RE investments/lending be smaller?

At a happy hour and we were all having this discussion. Real estate has largely benefited due to the low rate environment over the past decade. So many new firms started, there was record capital raising, and most companies ramped up their staffing heavily. As a % of job creations, real estate, specifically in lending and investments seemed to make up a higher number than the decade prior. Now with rates rising, its looking like thats changing fast. Multifamily which has been the favored child has seen rent fall, sales volume fall, etc. Brokers laying off, lenders laying off, developments at a halt, fundraising coming to a halt. Not being a pessimist, just looking at headlines on major RE news sources. Anyone think this is just a short term blip and we are back to normal EOY or are we looking into an environment where there will be less jobs for RE professionals? Thoughts?