Constructing a complex without a signed tenant can be risky, but cities are taking advantage of speculative buildings to promote job growth.

Speculative, or spec, buildings are built without a secured tenant and are put on the market once completed. Tenants can then customize and retrofit the buildings to their liking.

“Before you even get to the tenants, the capital investment of the space for the city and county is beneficial,” Buda Economic Development Corporation (EDC) Executive D...