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

Bolesław Kołodziejczyk, Dmytro Osiichuk and Paweł Mielcarz

Eastern European Economics, 2021, vol. 59, issue 2, 171-197

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.

Date: 2021
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DOI: 10.1080/00128775.2020.1870408

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Handle: RePEc:mes:eaeuec:v:59:y:2021:i:2:p:171-197