Depending on the size of your originals the disk space should increase by no more than about 20% of the size of the original library.
You can check, if the files are linked or not with a simple test in the Terminal:
If two files are hard linked, the inode numbers will be identical, when you list the file with the ls -li command in the Terminal:
For example, looking into the packages of an new migrated Photos library and the original iPhoto Library. Everything looks duplicated with the same size:
The Terminal is showing this, when I type "ls -li " into the Terminal and drag one of the master files behind this command:
Hermione:~ dreschle$ ls -li /Users/dreschle/Pictures/Photos\ Library\ 2.photoslibrary/Masters/2015/05/28/20150528-184932/IMG_0966.JPG
39167952 -rw-r--r--@ 3 dreschle staff 1283723 25 Mai 12:00 /Users/dreschle/Pictures/Photos Library 2.photoslibrary/Masters/2015/05/28/20150528-184932/IMG_0966.JPG
Hermione:~ dreschle$ ls -li /Users/dreschle/Pictures/iPhoto\ Library.migratedphotolibrary/Masters/2015/05/28/20150528-184932/IMG_0966.JPG
39167952 -rw-r--r--@ 3 dreschle staff 1283723 25 Mai 12:00 /Users/dreschle/Pictures/iPhoto Library.migratedphotolibrary/Masters/2015/05/28/20150528-184932/IMG_0966.JPG
In both libraries are the files listed with the identical inode number 39167952, meaning they are linking to the same physical file in the file table. For the Finder both files are separate, regular files and so it is reporting the size twice.
When I compared the used space on my hard drive right after migrating the test library with 40 photos, the used storage had not been increased much: