A D.C.-based elevator company, started on the belief there was a high-service niche for a small firm among the Otises and Kones of the industry, is now expanding into Baltimore.
Potomac Elevator Co. was started in 2005 by Brian Cooper, its current president.
During a decade of working for Otis Elevator, he said he spotted an opportunity for an independent elevator company that would better handle the needs of small and medium-sized businesses.
“Those guys got lost under the radar,” Cooper said.
Potomac does maintenance work, installations and modernization of old elevators. Its clients include construction firms and property management companies.
The company will now divide its attention between the D.C. and Baltimore markets, and will consider opening a second office in Baltimore to account for growth, Cooper said.
The commercial real estate market in Baltimore has been categorized as steady, according to analysts. In the most recent quarterly report from Alexandria-based Delta Associates, the consulting group said the number of new developments was up even though the office vacancy rate had increased to 12 percent from 10.9 percent the previous year.
“The development pipeline remains high, with groundbreakings not letting up steam,” the report said. “We expect the Baltimore area office market to experience steady conditions during the remainder of 2008.”
Though the firm won’t disclose specific revenues, Cooper said he expected revenue to grow by 100 percent during 2008.
Other elevator companies are growing as well. Otis, an elevator manufacturer that says it controls 27 percent of the world market, reported $3.1 billion in revenue for the first quarter of 2008, compared with $2.7 billion during the same time in 2007.
Other major players include manufacturers Kone, Schindler and ThyssenKrupp.
