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The More, the Emptier: The Consequences of Growing Concentration in Urban Office Space in Poland

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  • Bolesław Kołodziejczyk
  • Dmytro Osiichuk
  • Paweł Mielcarz

Abstract

The paper identifies and measures the economic consequences of the rapid saturation of commercial real estate markets in Poland. We document a negative link between the growing concentration of office buildings in the Polish real estate submarkets and building-level vacancy rates. Slower absorption in the areas that are more densely built up is accompanied by lower asking rents. The impact of saturation in real estate markets on building-level fundamentals is heterogenous across different classes of real estate assets, and high-quality buildings are less vulnerable than the low-quality buildings. Our findings demonstrate that higher density in office space harms investors.

Suggested Citation

  • Bolesław Kołodziejczyk & Dmytro Osiichuk & Paweł Mielcarz, 2021. "The More, the Emptier: The Consequences of Growing Concentration in Urban Office Space in Poland," Eastern European Economics, Taylor & Francis Journals, vol. 59(2), pages 171-197, March.
    • Handle: RePEc:mes:eaeuec:v:59:y:2021:i:2:p:171-197
    DOI: 10.1080/00128775.2020.1870408
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    Cited by:

    1. Piotr Lorens & Joanna Bach-Głowińska & Michał Habier & Paweł Rzepecki, 2021. "Surpassing the Line: Urban-Oriented Strategies in the Development of Business Complexes in Poland," Urban Planning, Cogitatio Press, vol. 6(3), pages 382-398.

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