Evaluating Risk in Real Estate Investments

Maria is a Chartered Financial Analyst (CFA) making a decision regarding her investments in real estate. She is currently considering two distinct commercial properties: a high-rise office building in a central business district (CBD) and a suburban shopping center. As she evaluates these properties, she recognizes that different types of real estate investments entail varying levels of risk due to factors such as market cycles, tenant stability, and location dynamics.

In this context, Maria is particularly concerned about the impact of economic shifts on the potential cash flows of these properties. Given this scenario, what is the most critical risk consideration that Maria should evaluate before proceeding with her investment in either property?