susedstvo

1. neighbourhood; vicinity
   Nova pekara je otvorena u našem susedstvu. — A new bakery has opened in our neighbourhood.
   On živi u susedstvu, u zgradi preko puta. — He lives nearby, in the building across the street.
2. the neighbours
   Celo susedstvo je čulo njihovu svađu. — The whole neighbourhood heard their fight.
3. (of countries) neighbouring countries; region
   Srbija želi dobre odnose sa susedstvom. — Serbia wants good relations with its neighbours.

In everyday speech komšiluk is more common.