Published on and written by Cyril Jarnias
North Macedonia Real Estate: The Rise of “Dark Stores”
In North Macedonia, the real estate sector is undergoing rapid transformation, particularly with the development of “dark stores”—urban warehouses that are redefining neighborhood commerce.
As city centers evolve under the dual pressures of modernization and growing demand for quick delivery, these spaces—invisible to consumers but essential for urban logistics—raise questions about the use and regulation of urban areas.
Good to Know:
“Dark stores” are warehouses dedicated to preparing online orders, typically located in urban areas to optimize delivery times.
This emergence, while stimulating the local economy, also raises concerns regarding its impact on the urban landscape and fair competition with traditional businesses, offering a captivating subject for anyone interested in contemporary urban planning challenges in this burgeoning region.
Growth of Dark Stores in North Macedonia
Dark stores are experiencing significant growth in North Macedonia, driven by several economic and technological factors. The rise of e-commerce, widespread high-speed internet, and massive smartphone adoption have radically changed urban shopping habits. This transformation comes with an increased need for fast and efficient logistics solutions, which dark stores address through stock automation and digital optimization of order preparation.
Key Factors Driving Their Emergence:
- Rapid growth of e-commerce
- Increased urban demand for quick deliveries
- Adoption of advanced logistics technologies (robotics, automation)
- Need for commercial players to reduce costs associated with traditional physical stores
The growing demand for quick delivery services has strongly influenced the geographic expansion of dark stores in major urban areas. This trend is particularly noticeable in densely populated neighborhoods or those close to the city center.
Impacts on the Local Real Estate Market:
| Type of Space Used | Necessary Adaptation | Preferred Location |
|---|---|---|
| Former store | Interior remodeling | Strategic urban neighborhoods |
| Industrial warehouse | Upgrading to logistics standards | Outskirts near the center |
| Isolated commercial space | Securing/optimization | High-density residential areas |
The massive installation of these establishments is increasing pressure on certain real estate segments: temporary rise in commercial rents in some strategic areas, relative scarcity of spaces suited to specific needs (large area, easy logistics access), accelerated conversion of former stores or warehouses.
Recent Figures and Forecasts:
- In 2024, the estimated total number of operational dark stores in Central Europe exceeds several hundred; North Macedonia follows this trend with about fifteen establishments recorded in its main urban areas.
- The global market is expected to grow from $23 billion USD in 2024 to nearly $33 billion USD in 2025; projections around $128 billion USD by 2029 (CAGR >40%).
Local Reactions:
- Communities sometimes express concerns about the intensive change in use of commercial or industrial land.
- Some residents report increased utility traffic or lack of landscape integration.
Regulatory Responses:
Several municipalities are currently considering implementing:
- Specific rules governing interior/exterior layout,
- Limits on the maximum number per neighborhood,
- Obligations regarding acoustic/logistical treatment to reduce nuisances.
⚡️ Local authorities are closely monitoring this phenomenon to ensure its development remains compatible with sustainable urban balance while meeting growing expectations for ultra-fast delivery.
Good to Know:
In North Macedonia, the growth of dark stores is driven by technological advancements and strong demand for quick delivery services, fueled by the digitalization of commerce. This phenomenon, mainly concentrated in urban areas, exerts significant pressure on the real estate market, contributing to price increases and a scarcity of supply in certain zones. Currently, about ten dark stores are operational, with a forecast to double within three years. Despite this boom, concerns are emerging among residents and local authorities, potentially leading to regulations to better frame their development, aiming to preserve the balance between commercial innovation and community needs.
Impact of Logistics Real Estate on Urban Distribution
The rise of logistics real estate in North Macedonia, driven by urban growth and infrastructure development, is profoundly transforming delivery practices and stock management in major cities like Skopje, Bitola, or Tetovo.
New urban warehouses and infrastructure dedicated to distribution enable:
- A significant reduction in delivery times, thanks to immediate proximity to consumer bases.
- Optimization of stock management: storage close to the end customer promotes better responsiveness to sudden demand variations.
- Accelerated development of e-commerce, which relies on these platforms to guarantee a smooth customer experience.
The rapid emergence of “dark stores” (stores closed to the public used exclusively to prepare online orders) has a direct impact on:
| Aspect | Measurable Impact |
|---|---|
| Delivery times | Notable reduction (sometimes under 1 hour in dense areas) |
| Logistics efficiency | Consolidation of flows, rationalization of storage, and automated preparation |
| Carbon footprint | Fewer long-distance round trips: short circuits favored |
The strategic placement of urban warehouses allows “full integration of technological innovation to meet the quest for productivity” while addressing the environmental challenge related to last-mile transport.
Urban Adaptation
- Cities are redeveloping certain neighborhoods or disused industrial zones to host these modern facilities.
- Road infrastructure is being adapted to ensure smooth circulation despite the noticeable increase in utility traffic.
- Free economic zones offer logistics providers facilitated access to specialized real estate with advantageous taxation and dedicated services.
Local Economic and Social Issues
- Direct creation of skilled jobs in modern logistics (managers, order preparers, robotics maintenance).
- Economic dynamism but also potential tensions related to intensive use of urban land or generated nuisances (noise, increased flows).
- Real estate appreciation around logistics hubs: moderate increase expected in some neighborhoods well-served by these new infrastructures.
Specific contextual data:
The projected economic growth of around 3.5% for 2025 supports this shift. In Skopje particularly—the main urban hub—a continuous rise in real estate prices is observed, stimulated by constant development of infrastructure related to both residential and modern logistics. The Macedonian government encourages this movement through attractive tax incentives (corporate tax ≈10%) and the accelerated creation of free zones specifically equipped to attract international investors specialized in e-commerce or associated services.
The logistics real estate market is now at the heart of a national strategy aiming not only for greater commercial efficiency but also a sustainably competitive foothold relative to the rest of the Balkans.
Good to Know:
Logistics real estate plays a crucial role in urban distribution in North Macedonia, notably through “dark stores” that shorten delivery times while optimizing the efficiency of distribution circuits. These entities, by focusing on strategically located warehouses near urban centers, enable a significant reduction in carbon footprint through shortened transport routes. Urban infrastructure is gradually adapting to integrate these new logistics models, although some neighborhoods face social and economic challenges, such as increased traffic or evolution of local jobs. A recent study showed that proximity to warehouses led to a 20% reduction in delivery time in urban areas, highlighting the increased efficiency of these networks. However, these transformations require a balance between economic development and community impact, to fully benefit from the boom in logistics infrastructure while minimizing local disruptions.
E-commerce Investments and Their Effects on the Real Estate Sector
The rapid rise of e-commerce investments in North Macedonia is profoundly disrupting the demand and use of real estate properties, especially in urban areas. The sector is experiencing annual growth of nearly 16%, supported by widespread internet availability and increased adoption of online shopping, even though daily usage remains slightly below the European average.
The main effects on the urban real estate market manifest as follows:
- Increased demand for logistics spaces (warehouses, distribution platforms) to ensure fast and reliable deliveries in major cities like Skopje, Bitola, or Kumanovo.
- Gradual reduction in the need for traditional commercial spaces in favor of hybrid solutions and specialized warehouses.
| Evolution | Impact on Real Estate |
|---|---|
| E-commerce growth | Strong increase in demand for urban warehouses |
“Some local start-ups now offer deliveries in under two hours”
“Express services are developing rapidly in major cities like Skopje”
Pick-up points are being created through partnerships with the existing local network.
This dynamic directly influences:
- Urban land value, which increases around strategic axes (major roadways, immediate outskirts of the city center) favored for locating these new logistics hubs.
- The rapid transformation of underutilized real estate assets (former supermarkets or shops) to purely logistical use—a phenomenon visible especially in Skopje where several commercial spaces have been converted since 2023.
Opportunities for Investors
- Attractive returns linked to high rents that e-commerce players are willing to pay seeking proximity to their customers.
- Potential for quick valuation of obsolete real estate portfolios through logistical reassignment (retail-to-dark store conversion).
- Investments favored by the continuous development of e-commerce, estimated to be sustainable for several more years.
Major Challenges
- Growing competition among institutional investors seeking to build strategic portfolios around versatile urban spaces.
- Sometimes slow regulatory adaptation concerning mixed or industrial-logistical use within dense residential urban fabric.
- Increased pressure on certain residential areas subjected to additional traffic related to new logistics activities (express deliveries).
In summary:
The meteoric rise of e-commerce is profoundly reshaping the Macedonian urban real estate market. The massive appearance of dark stores offers real estate investors as many opportunities as structural challenges: it now involves not only adapting their assets to emerging needs but also anticipating the rapid evolution—both technological and urban—driven by this local digital revolution.
Good to Know:
In North Macedonia, the boom in e-commerce investments has significantly altered real estate demand, particularly in urban areas where “dark stores” are emerging. These installations, essential for meeting the needs of quick online commerce, transform existing commercial spaces into discreet logistics centers. Dark stores are often located in densely populated neighborhoods to optimize distribution, affecting the reassignment and valuation of urban properties, sometimes increasing local land value. For investors, this presents both lucrative opportunities and strategic challenges, as they must rethink the use of spaces traditionally dedicated to retail. A striking example is Skopje, where rapid changes in space usage reflect this trend, requiring adjustments at the investment strategy level to capture the benefits of this expanding digital transformation.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
