Because Colemak has more overlap with the QWERTY keyboard, the learning curve is much more gentle; it took me about 2 weeks to get up to around 50% of my old QWERTY WPM, and probably less than 3 months to get where I felt I could match my old WPM. By 1 month in I felt that I was efficient enough with Colemak that it was worth it to type a bit slower in exchange for the increase in comfort it afforded.
I've found that the biggest inefficiency that came with the transition was not physical, but mental. During the early weeks of learning the new layout, I needed to actually devote some conscious thought to what my fingers are doing, meaning that those brain cycles couldn't be used to process what I was about to type next, leading to a process where I frequently needed to pause and think about what I was typing, whereas it's typically more continuous and interruption-free as my fingers try to keep up with my brain. During the first few weeks of transitioning, I used Colemak only for "clerical" tasks like writing emails and some documentation I was working on at the time, and not for coding.