Real Estate Investment Risk Analysis

John is evaluating a real estate investment opportunity in a new commercial building within a metropolitan area. He understands that real estate investments come with various risks. As he conducts his analysis, he identifies the following risk considerations that could impact the performance of the investment:

- Market risk associated with economic downturns affecting property values.

- Operational risk tied to the management of the property and tenant relationships.

- Liquidity risk resulting from the potential difficulty in selling the property or achieving quick cash flows.

Which of the following risks is most likely to be a unique characteristic of real estate investments compared to other asset classes?