The Amsterdam Zuidas area is planned to become a large multi-functional development area with a mix of offices, dwellings and facilities. As part of a broader empirical investigation, the valuation of multi-functional land use of this mega-project by a specific class of stakeholders, namely, commercial investors, is examined in this paper. We are particularly interested in the expected impact of locational characteristics on urban land rent in the area. The study is based on an extensive interview questionnaire, in which future development scenarios and spatial externalities are also investigated. The study reveals that the expectations of investors are driven by a complex set of factors. Particularly important are accessibility and image. The relative importance of multi-functionality is found to be modest. © 2008 Royal Dutch Geographical Society KNAG.