for Michael, you, you call. today's Thank and joining thank all
operations regarding We our the broader have several and key environment. economic updates
recent impacted the hurricanes First, all our swept I'd the for communities concern share those by in like that Southeast. through to
with thoughts Our are those all affected.
fortunately it relates minimal sustained As to our portfolio, impact. have we
Our been proactive promptly supporting to needs. tenants has and team out, any in reaching responding
the economic cut, Turning in benchmark first in reversal negatively to impacted XXXX. level of points to X.XX% federal highest September This change a environment. markets. in to The the XX rate range its had which period of been a policies marks its lowered rates hikes in that X.XX% down rate high broader Fed prior X%, X.X%, of basis significant years. a from to capital marking rate They implemented the after prolonged XX funds by since began range a
U.S. depends X.X% employers from XXX,XXX cuts and though surge expect also to jobs economic significantly those of adding with to unemployment indicators.
September growth timing job rate surpassing expectations, on follow, magnitude We X.X%. additional the while cuts dipped
the overall out the may any September further cuts. the strength push the economy, labor for rate and of positive in market higher-than-expected is this While inflation
rates. interest inflation balancing in for lower Continued momentum challenges create could with concerns expectations market
in industrial likely election real portfolio volatility with of growth regulatory broader to perform is estate party bring being the positioned well portfolio policies believe well driver. is continues uncertainties, We This Despite regardless further our which as to are markets is office. debated. fiscal economic to our
Colliers' quarter, markets to time recorded period saw net Colliers, XX due net XX decline States million markets feet, feet particularly primarily to turned statistics X third Of reflects negative. the absorption total while market to of the in year. same compares first XXX square million a square totaled for the of to in According a the over a XX% XX United absorption XX last million This quarter. industrial tracked feet. slow year-to-date feet bringing QX, square This the by square million absorption XXX during
expect to activity. pick We increased driven the economic fourth quarter, by leasing up in
supply increased by the only XX in side, million tempered XX lower new square On year. to to X.X%. This which slowed in last XX% QX, has rise than construction which was which vacancy the feet rates, points bids
we last so However, completions, begin vacancies discouraged year decline declining led XXXX. has for new and longer to to from rate new expect in to starts environment
Although economic its decline by specifically outlook we our and estate, real is estate, growth manufacturing-related tenant quality the any for observed credit in industrial not reshoring portfolio. significant continued challenges, real poised the across broader In driven has nearshoring. have longer term,
middle-market new our on industrial assets. our We grow utilizing of positioned opportunities expertise mission-critical to portfolio underwriting are credits well to well-located capitalize in
for company Now moving the a portfolio specifics on quarter. third few to
we XX straight more a third released as years. During a successfully in from to feet our X.X has up. the We team XXX,XXX across resulted management our more an office extended up the of square for XX% our than review million rent percentage than concentration XX% rent of a from million of square annualized assets straight-line more extensions X.X we for average or feet assets leased and than plus portfolio and XX%. quarter, plus industrial Through up. across X XXX,XXX increased decreased aggregate X.X quarter, XX%, These rent leases new weighted straight-line
We have XXXX. no remaining expiring leases in
successfully and a rate GAAP with resulting sold in medical X.XX% Georgia, in sale. $XX Texas more than X on for gain in million office cap assets We We asset weighted of industrial $XX.X million acquired term. XX-year in Midland, a
XX.X%. remains rents at We XXX% portfolio and have collected of occupancy cash-based
Gerson, call our Before plans CFO, for months. the the Gary goals next over will highlight XX and turning our I to
We acquisitions progress but a COVID, all are proud been assets. type. toward industrial, with this industrial have X particularly our Since $XXX shift invested XXXX, concentration higher since property of our in of almost million
capital we rent As growing continue industrial months. aiming our line annualized markets XX straight exceed XX% open the up, of next will to in concentration,
disposing quarter. assets have the $XX.X under actively office noncore fourth new industrial close are for and one in We set to contract currently opportunity of million
office disposing continue will assets. of We noncore
into cash office redeploy flow will sale We industrial use assets. our proceeds in existing to
in-house our underwriting to on sale-leaseback proactively ability expertise opportunities, to of financial our allowing credit us value leverage we closely will monitor many our peers, capitalize hallmark manage a risk. to health, tenants' the We our have of proprietary proposition.
Unlike
we'll provide Additionally, that added tenants. us the both in for have flexibility ensuring ways structure long-term and stability to leases and protection, our covenants our
will keeping flexible We balance and on a focus healthy sheet.
placement growth, As position. completing of financial as including million, results a million and for review position Successfully availability and existing turn a call September facility now to credit the obtaining and in XXXX. liquidity and including over credit better liquidity September the XX, our stage levered goals a for XX% million cash. our $XX.X $XX.X quarter markets.
I and $XX.X of level have our of private XX, new portfolio under these We expanding will us will of we in Gary of next our remain industrial rating to below
