ELGIN—The cluster of industrial buildings around I-90 in Elgin had a slow first quarter, but a big new lease could help turn things around in the second. The medical device maker Medela, Inc. had more business than it could handle from its headquarters in McHenry County, and just signed a new lease for 154,523-square-feet of warehouse and distribution space at 2768 Spectrum Dr. in this northwest suburban submarket.

The deal is a significant one for the relatively small Elgin submarket. In the first quarter, the biggest lease was by Hubbell Lighting, which signed for 48,187-square-feet at 1215 Bowes Rd. in Elgin. Weak demand by occupiers led to mere 56,900-square-feet of leasing volume, and net absorption of negative 230,100-square-feet, according to Colliers. This followed a healthy fourth quarter, which saw 208,400-square-feet of leasing volume and 245,200-square-feet of positive absorption.

As reported in Globe St.com, recently the submarket had put up solid numbers, enough to attract investors and developers, including those confident enough to build speculative properties. Earlier this year, for example, Conor Commercial Real Estate and Globe Corp. finished Northwest Pointe, a 342,620-square-foot spec building in Elgin. And the real estate investment firm Bridge Development Partners, LLC, recently sold the 319,043-square-foot industrial building at 2700 Alft Lane at Randall Crossings Business Park to Boston-based TA Associates for $20.2 million.