We recently spoke to Urban Igloo CEO Rick Gersten to learn more about the company’s exciting expansion to Philadelphia.
Why is Urban Igloo expanding?
Our customers tell us that our service is valuable and so we want to expand that service to other markets. Based on what we’ve learned, we have a game plan to replicate this in other cities.
Why Philly?
As Washington is renowned for government, Philly is known for being a growing market of “meds and eds,” meaning it’s a hot spot for the medical and educational industries. These growing sectors offer a wealth of jobs, and thus a great need for housing.
Also, Philadelphia has the second lowest stabilized vacancy rate in the nation for Class A and B properties combined, just behind New York (#1) and above DC (#3).
Oh, and I love cheesesteaks!
What’s the biggest lesson learned from DC that’s helping you hit the ground in Philadelphia?
This is a business of connecting people and our agents are a critical component to that equation. We’ve learned the importance of hiring people with a passion for real estate and an entrepreneurial spirit.
Where’s your Philly office?
Right now, we are located i
n Center City in temporary space. As soon as we can find the perfect storefront location, we will make a move!
In what neighborhoods are you seeing the most activity?
I equate Rittenhouse Square to Dupont Circle; everything concentric to it is extremely popular. We’ve also seen a lot of action in the up and coming Northern Liberties area.
What’s your favorite cheesesteak spot? (Be careful!)
Jim’s Steaks, without a doubt.
What’s next for Urban Igloo?
We are going to keep doing what we’re doing and try to do it better.
