Labor has been deflationary for a long time. You just don't see it because of the general inflationary trend in the economy. 

Commercial real estate didn't inflate because of too loose credit. It deflated because the use-case, technology, and labor pool changed. It lost value relative to the rest of the economy. I mean, we had a broad scale deflationary event in the 1980's. Historically that's not that long ago, and the govt and Fed have been determined to prevent another. But I don't think that we should think another wide scale deflationary event couldn't happen.