Economic Development 101: What are Spec Buildings and Why Do They Matter?

December 12, 2023
Posted by
James Toy

Speculative buildings, often shortened to "spec buildings," are more than just commercial spaces; they're bets on the future of communities. These structures are built without a specific tenant, but with the hope that companies will be drawn to their ready-to-use space and flexibility.

Spec buildings are great for businesses because they help them get started quickly. They skip the delays and costs of traditional construction, allowing companies to move in and start working fast, saving them valuable time and money.

These adaptable buildings can be customized to fit the needs of different businesses. With various layouts and amenities available, companies can create an ideal work environment that fosters productivity.

Horry County is constructing a spec building in the Ascott Valley Industrial Park near Conway. Leaders with Myrtle Beach Regional Economic Development Corporation expect the new facility to help them recruit businesses to the Grand Strand.

Spec buildings aren't just good for individual businesses, they also benefit entire communities. Their presence attracts new businesses, talent and investments, leading to more jobs, economic growth and a more exciting business environment.

Ultimately, spec buildings are more than just buildings; they're engines of economic growth. By offering readily available and flexible space, they remove barriers to entry and spark economic activity, helping communities thrive.

About Partnership Grand Strand
Partnership Grand Strand is a 501c3 foundation launched in 2022 by the Myrtle Beach Area Chamber of Commerce to fund a five-year economic and community development initiative. Through investments from local businesses and partnerships with community organizations, the foundation leads and supports efforts related to four pillars of success: prosperity, talent, place and infrastructure. Through their focused endeavors, Partnership Grand Strand works to accelerate economic prosperity and enhance quality of life across Horry and Georgetown counties. 
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