In most of colonial avian species, central parts of the colonies offer higher safety in terms of predatory pressure. However, in heterogeneous habitats, nest sites of high physical quality are likely to offer effective protection against predators or adverse weather conditions regardless of their location within the colony. The aim of this paper was to investigate whether nest site selection in a treenesting waterbird, the Great Cormorant Phalacrocorax carbo sinensis, depends on the within-colony location of sites, their physical quality or a combination of these components. The study was conducted during 2010-2011 in a cormorant colony in central Poland. We found that early-breeding individuals preferred nest sites in the central parts of the colony and located high off the ground. The high quality of pairs nesting in these locations was confirmed with good body condition of nestlings, measured by their body masses and plasma concentrations of glucose and urea. A similar spatial pattern was found for the daily nest survival rate and reproductive success. It was found that the central nesting sites associated with high nesting densities were better protected against predators, while the physical quality of nesting sites determined the probability of nest collapse before the conclusion of breeding activities. The two-way process of assessing nest site attractiveness (nest site location vs. physical quality) suggests that, under the limitation of the most attractive nesting sites (good-quality central sites), tree-nesting waterbirds may trade central nesting locations for the high-quality sites at the peripheries of the colony.