NAPERVILLE, IL-Transwestern recently signed five leases of almost 28,000 square feet at the Naperville Corporate Center complex here. The three-building, 420,000-square-foot complex is in the East-West Corridor, which is experiencing almost 25% vacancy.

The new tenants include Atwell LLC (8,738 square feet), Tata Consulting (5,364 square feet), Keough & Moody (4,834 square feet), Medical Consultants Network (2,457 square feet) and iGate Global (2,372 square feet). Fred Ishler, Joe Stevens, Dan Svachula and Zach Fox represented Transwestern in the leases. Asking rates at the complex run about $20.50 per square foot.

Ishler tells GlobeSt.com that the suburban Chicago market is still quite soft. However, even though statistics haven’t improved, the mindset of the tenants has slightly shifted, he says. “There’s now a general expectation among tenants that they are maybe not going to get more favorable deals that are out there right now,” he says. “Six-seven months ago, and in 2009, I think tenants thought things were going to get a lot worse. I think there’s now a realization that economics have bottomed out in the market, and they should get deals done now rather than waiting.”

Also, having about a quarter of all space vacant is only a number, and doesn’t show what’s actually out there available, Ishler says. “You’ve got phantom buildings, especially in the Northwest market, where there may be vacancies but owners just don’t have the money to even pay for deal costs, rent abatements or improvements. The space may be vacant, but the owner isn’t in a position to even do a deal,” he says. “I don’t see the economics getting worse. I think we’re going to bounce around the bottom for some time, but then the market will turn up eventually.”