Risk Considerations in Investing in Urban Commercial REITs

A portfolio manager is considering adding a real estate investment trust (REIT) to their client's investment portfolio. The REIT focuses on commercial properties in urban areas. Provide a comprehensive analysis of the various risk considerations associated with investing in this REIT. Your answer should address market risk, specific real estate risks, liquidity risks, and any potential impact of macroeconomic factors. Discuss how these risks might impact the performance of the REIT, and suggest risk mitigation strategies that the manager might employ. Be sure to justify your arguments with relevant examples or frameworks.