Today there is growing interest in spec buildings.
 
You may ask, ‘What is a spec building?’ A spec building is constructed with the hopes of finding a suitable user to purchase or lease the building. This is something that we have been actively pursuing to develop in Brunswick County. By having buildings available, you gain the opportunity to promote your area for growth.
 
Many industrial businesses seeking to expand or grow are looking for an existing building that will work for their production process and provide tangible benefits of doing business in certain geographic regions. During my 32 years as a professional economic developer, about 80-85% of these companies are looking for an existing building that will accommodate their needs.
 
Brunswick Business & Industry Development (Brunswick BID) is charged by Brunswick County to promote and recruit manufacturing firms to Brunswick County. Manufacturing facilities provide a much larger tax base that supports services required by the local government, and manufacturing jobs provide higher-paying jobs for local residents, thus increasing wages and the quality of life.
 
There are many risks and factors that need to be considered when investing in a spec building.
 
Mark Twain said, “Twenty years from now you will be more disappointed by the things you didn’t do than by the ones you did do. So throw off the bowlines! Sail away from safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover!”
 
Attracting a prospective company is more successful when you have a spec building that meets the needs of a prospective tenant.
 
Consider the business climate of your community and the infrastructure needed to adequately support the business. Study the current local, state, national and international economy and expected growth. Make informed decisions in determining the type of building needed for the unique opportunities that your community offers. Consider the square-footage requirement that is in high demand. Consider ceiling heights that will accommodate most manufacturing firms’ needs. Consider the type of construction and potential office layout. Thought should be given to dock doors.
 
In Brunswick County, there is a huge need for industrial-type manufacturing buildings in the range of 100,000 square feet or more.
 
We consistently have requests that we cannot respond to due to the lack of this availability. Most commonly, spec buildings are either commercial-grade metal buildings or some form of concrete buildings.
 
Generally, metal buildings are less expensive, but concrete has become more competitive in recent years. Given our geographic location, I tend to promote concrete buildings, which are less corrosive, more durable and more aesthetically appealing. Concrete buildings can also be easily expanded, another key factor to consider with a spec building.
 
Often, a spec building might be 100,000 square feet and perfect for a company in every way, except, they need 125,000 square feet.
 
In planning, ensure the proposed building is not “boxed in” and offers options to expand now or in the future. Another factor to consider is the ceiling heights. Years ago, many manufacturing companies operated efficiently with 20-foot ceilings when equipment was relatively small. Today, many companies need 30 feet or more for both manufacturing and warehousing. Having a building that provides the ceiling height that most companies need optimizes the potential for finding a suitable tenant.
 
With proper design, offices can be upfitted to meet specific needs. Being a shell of a building allows flexibility in designing office space to meet the company’s individual needs. The same is true of dock doors. Design the building so that doors can be installed on either side or both sides of the building.
 
With this being said, Brunswick BID is excited about the proposed spec building at the International Logistics Park on U.S. 74/76 in Brunswick County.
 
This building is proposed at 150,000 square feet with 32-foot ceilings and is expandable to 301,000 square feet.
 
The International Commerce Center is expected to be completed by the end of the second quarter of 2021. We believe this will be the first of many spec buildings to come to Brunswick County.
 
In my experience, I have seen positive growth through the availability of spec buildings to attract economic growth in counties that have projected population growth such as Brunswick County.
 
Brunswick County has been the fastest-growing county in North Carolina for several years and is projected to continue that trend with anticipated 11.3% growth between 2019 and 2024.
 
By implementing a new marketing strategy, Brunswick BID is committed to expanding economic opportunity to attract more companies to Brunswick County through the development of spec buildings.
 
Brunswick County offers the infrastructure and support network needed by businesses to be successful while offering the lifestyle that is appealing to workers.
 
“Life doesn’t always present you with the perfect opportunity at the perfect time. Opportunities come when you least expect them or when you’re not ready for them. Rarely are opportunities presented to you in the perfect way, in a nice little box with a yellow bow on top,” YouTube CEO Susan Wojcicki said. “Opportunities, the good ones, they’re messy and confusing and hard to recognize. They’re risky. They challenge you.”
 
Bill Early is the executive director of Brunswick Business & Industry Development.