Investing in Opportunity: Why Surry County is Exploring a Speculative Industrial Building Program

Economic development is about creating opportunities before they are needed.

That is the driving idea behind the 2026 Spec Building Feasibility Study, a strategic assessment examining how speculative industrial buildings, or "spec buildings" could help position Surry County for long-term economic growth.

While Surry County has experienced significant success attracting new employers and supporting existing industries, one challenge continues to surface: businesses are looking for available industrial space, but there simply isn't enough inventory to meet the demand.

What is a Spec Building?

A speculative industrial building is a facility constructed without a tenant already committed to occupying it. Rather than waiting until a company is ready to build, communities develop move-in-ready or shell buildings that allow businesses to begin operations much more quickly.

Today's companies often make location decisions on accelerated timelines. Communities that already have industrial buildings available are better positioned to compete for new investment, jobs, and business expansion.

The Opportunity for Surry County

Over the past two decades, Surry County has transformed many formerly vacant manufacturing facilities into thriving workplaces. However, that success has created a new challenge, available industrial buildings are now scarce.

As of late 2025, only a handful of industrial properties remained available, and many do not meet the ceiling height or modern specifications today's manufacturers require. At the same time, Surry County EDP frequently receives inquiries from both prospective companies and existing employers searching for expansion space.

Between July 2024 and December 2025:

• 161 economic development projects were received through the Economic Development Partnership of North Carolina.

• Nearly 44% were specifically searching for an existing industrial building.

• More than half of all prospects were seeking either a building or were open to one.

• Approximately 41% of building requests were looking for facilities 50,000 square feet or smaller, matching the size needs of many local manufacturers.

• Simply put, available industrial buildings have become one of the most important factors influencing whether Surry County can compete for new business investment.

Supporting Existing Businesses

The study isn't focused solely on attracting new companies.

Each year, Surry County EDP also receives requests from local employers seeking additional manufacturing or warehouse space to expand their operations. Many of these businesses need facilities between 10,000 and 40,000 square feet, yet suitable options are rarely available.

Providing modern industrial space creates opportunities for existing employers to invest in new equipment, hire additional employees, and continue growing right here in Surry County.

Learning from Successful Communities

Surry County is not alone in exploring this strategy.

Communities like Bladen County and Wilkes County have successfully developed speculative industrial buildings using public-private partnerships, grant funding, and long-term development strategies. Their programs have helped attract employers, generate lease revenue, and reinvest those proceeds into future economic development projects.

These examples demonstrate that thoughtfully planned industrial development can become a sustainable tool for long-term community growth.

A Strategic Path Forward

The feasibility study recommends a phased, long-term approach that includes:

• Establishing a local industrial building development fund.

• Leveraging state, federal, and regional funding opportunities.

• Constructing buildings that match the needs of today's employers.

• Using strategic public investment to strengthen the local industrial market until private development becomes more feasible.

Potential development sites already exist across Surry County, including Piedmont Triad West, Twin Oaks Business Park, and Elkin Corporate Park, each offering unique advantages depending on the size and type of industrial building pursued.

Building Tomorrow's Opportunities

A speculative building program is more than a construction project, it's an investment in Surry County's future competitiveness.

By creating modern industrial space before it is needed, the community can better support local business expansion, attract new employers, and ensure that opportunities aren't lost simply because suitable facilities are unavailable.

Economic growth doesn't happen by chance. It happens when communities prepare for opportunity, and this feasibility study represents an important step toward ensuring Surry County is ready for what comes next.

View the full study below:

Surry County EDP Spec Building Feasibility Study (1).pdf

Download PDF • 12.99MB