In the context of advancing new quality productive forces (NQP), the optimization of factor allocation is of critical importance. This study empirically examines how inter-firm land allocation affects the development of NQP and explores the moderating roles of labor, capital, and data factors from a perspective of factor synergy. Combining theoretical analysis with empirical investigation, the findings are as follows: (1) optimizing land allocation across firms significantly enhances the level of urban NQP, and this result remains robust after accounting for endogeneity and a series of robustness checks; (2) capital expansion and the scaling of data resources substantially reinforce the positive effect of land allocation on NQP, whereas the interregional mobility of labor—particularly high-skilled workers—exerts a negative moderating influence. The results suggest that policymakers should promote the rational allocation of land resources while leveraging the synergistic effects of labor, capital, and data to accelerate the development of NQP at the local level.