We examine building height, historical building costs and current rental income for a sample of office buildings in the Netherlands. We address whether urban morphology, like building height and density, reflects the standard economic law of substitution between capital and land. Do we observe high building heights in attractive economic centres in which land is substituted for capital, and low building heights in less attractive centres? This is the central question we address in our research. We use a stratified sample strategy to sample office buildings with varying height and use historical information on development costs and match these to current rental transaction data.