Confidence in the commercial property market has improved, with Tauranga emerging as the most upbeat.
Colliers International's quarterly commercial property investor confidence survey shows a net 26 percent of respondents expect investment conditions to get better over the next 12 months, compared with 22 percent the first quarter.
The company's research and communications director Chris Dibble said confidence had been boosted by the government's decision to scrap any form of a capital gains tax.
"Forty percent of respondents stated they intend to invest more now that the Tax Working Group's capital gains recommendations have been rejected," he said.
All 12 regions had a net positive score, with Tauranga coming out tops with a net 59 percent rating - a combination of commercial and industrial property.
The top five regions were rounded out by Queenstown at 53 percent, Wellington at 38 percent, with Hamilton, Auckland and Nelson just behind.
Colliers national director of industrial Greg Goldfinch said there was no sign of a slowdown in the sector.
"There continues to be an avalanche of capital looking for a home, ideally in the Auckland industrial market, but that is spreading to other centres which are benefiting," he said.
"In line with the lack of supply, yields are continuing to compress as the low interest rate environment looks to linger for the foreseeable future, putting further pressure on pricing."
The survey notes improving confidence in Christchurch, with a fractionally positive rating for the first time since December 2016.