Why Spec, Why Now?

01/19/2023

Heading in to 2023, we have a very unique situation in South Western Kentucky. We have not one, but two spec buildings on the horizon for growing manufacturers.  Why spec buildings, and why now? 

A spec building is built for a couple of key reasons. One, to attract new industry to a community. Two, to give a business in growth mode the advantage of speed to market. We know that speed to market can make or break business goals. South Western Kentucky is doubling down on attraction of new business, and our spec buildings are just one example of that strategy. In the midst of Kentucky experiencing an EV component and automotive manufacturing boom (along with many other historic investment announcements), South Western Kentucky is eager to show manufacturers that we’re an attractive place to locate -  we’re just making that decision easier. 

At the ribbon cutting celebration for the Hopkinsville spec building, then-Commissioner of Economic Development Jeff Taylor said of businesses in the midst of site selection, "The speed, it’s amazing, they want to be shovel to operations in 18 months. It’s unheard of. Spec buildings are instrumental in doing this. Many communities do not have these. We’re getting projects that specifically question having spec buildings. I commend you on this. What I say is that you ought to go ahead and start planning the next one.” We heard you, Commissioner Taylor! 

What we also know is distribution and proximity to components is just as much a factor in site selection. Our adjacency to I-24 & I-164, rail, port and air make distribution possible no matter the avenue.  With South Western Kentucky within a day’s drive of 86% percent of the U.S. population, components coming in and product going out experience time and dollar savings. Giving speed to market by building a 100,000 sf spec building and commissioning the next is South Western Kentucky’s way of leaning in to our future industry partners’ growth. 

This is no experiment here in the SWK. We’ve successfully made a home for 12 industry partners prior to these new constructions. Read about those spec buildings and how they exist today. 

So why now? It’s been said that fortune favors the bold. In a time of economic uncertainty, we’re certain that the ones that double down on investment, that lean in to growth in uncertain times, are the ones that speed ahead.  An element of uncertainty is our new norm, it would seem.  For our communities, our workforce, and our industry partners – we’re bullish on growth in South Western Kentucky. 

Learn more about the Hopkinsville, Kentucky and Cadiz, Kentucky spec buildings.