Contractor Darroch and Allan [Joiners & Builders] is developing five units in partnership with the council at Waterford Circle in Forres.
The move follows a success in building and letting four factory units to small businesses at the site in 2013/14.
The total floor space being created is 500 square metres, potentially creating up to 20 new jobs.
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Councillors inspected the progress of the works and were briefed on long-term plans for the business park on Wednesday, 10 February.
Councillor John Cowe said: "Business units in Forres have been virtually fully let for over ten years, with smaller factory units rarely being vacated and strong demand leading to quick re-lettings whenever any became available.
"This demand was clearly demonstrated when the Phase 1 units at Waterford were fully pre-let at completion in January 2014.
"They are let at commercial rates, allowing a return to the council that can then re-invest in other such developments for business."
Work is on target to be completed at the end of February 2016.
(LM/JP)
