Industrial & Complex Manufacturing
When the building was designed for one tenant, one process, and one era,
the assessor still prices it like it has options.
Technology & Advanced
Power-hungry tech campuses demand obsolescence we prove with real bids.
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Semiconductor Fabrication, R&D, Plants, Packaging & Testing
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EV Battery Gigafactories
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Aerospace & Defense Manufacturing
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Automotive Assembly Plants
Life Sciences & Chemical
Cleanrooms and hazmat infrastructure over-assessed. We separate equipment from shell value.
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Pharmaceutical Manufacturing (cGMP)
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Biotech & Life Sciences Production
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Chemical Plants
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Hazardous Materials Manufacturing
Processing & Heavy Metals
Single-user design hides massive conversion costs.
We document them accurately.
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Cold Storage & Refrigerated Logistics
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Food & Beverage Processing
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Steel Mills & Metal Processing
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Cement & Aggregate Plants
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Paper & Pulp Mills
Automated & Build-to-Suit
Robotics and automation reprice assets—assessments lag behind reality.
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Heavy Industrial & Complex Manufacturing
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Automated Fulfillment & Robotics
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Build-to-Suit Industrial
Advised on 150+ Printing Plants and the Top 5 North American
News Media Conglomerates portfolios
Track Record​
Assembly has advised on 150+ printing plants and the top 5 North American news media conglomerate portfolios, and has decades of experience in warehouses, complex manufacturing, and speclized cold storage valuation. Most proud of our major reductions achieved during the 2018-2023 industrial market peak in Northern New Jersey, California ports, and other high-demand corridors by rebuilding income and cost models from the ground up, without waiting for a down market.
​VALUATION APPROACH​
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Beyond Peak-Cycle Benchmarking
The industrial market’s record rent growth through 2022 has reversed: vacancy is rising in major logistics corridors, speculative development has outpaced absorption, and automatic rent escalations have given way to concessions, longer lease-ups, and downward pressure on effective rents. Assessors still benchmark at peak-cycle values, defending assessments that no longer reflect how investors price these assets today.
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Beyond Standard Appraisals
We source real construction bids to prove redevelopment constraints and functional obsolescence tied to power limitations, automation readiness, and process-specific infrastructure. Income analyses capture true lease-up risk, market concessions, and higher TI costs in a tenant-favorable market. For build-to-suit, robotic-obsolescent distribution centers, or capital-intensive facilities (semiconductor fabs, EV gigafactories, pharma plants), we reframe highest-and-best-use entirely and apply cost approaches that properly separate building shell from equipment value.
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​OUR EXPERTISE
​​​Valuing the “Intangible” Infrastructure
Semiconductor fabrication plants, EV battery gigafactories, pharmaceutical manufacturing, aerospace/defense facilities, and automotive assembly operations represent the country’s most capital-intensive industrial assets. Jurisdictions often lack precedent for correctly valuing power-tied functional obsolescence, automation readiness, and process-specific infrastructure—we identify and argue these at every level of appeal.
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The Burden of Single-User Design
Cold storage, refrigerated logistics, steel mills, cement plants, and heavy chemical facilities suffer from single-user design and limited conversion potential. We document conversion costs with sourced construction bids (not estimates) and build powerful lack-of-marketability arguments. Fixed machinery, production tooling, and specialized systems (e.g., refrigeration) are routinely over-assessed due to incorrect depreciation schedules and misclassification as real proper
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The most expensive buildings ever constructed are also the most frequently mis-assessed.
The assessor has never been inside a semiconductor fab. It shows on the tax bill.