Space is both an asset and a burden for colleges and universities. On the one hand, space holds enormous value for institutions; their campuses and buildings are worth, in many cases, hundreds of millions of dollars. Space is the medium in which the institution operates. Online courses have proven that education can be conducted anywhere, but most teaching, learning, and research still takes place on campuses. And while the value of buildings and grounds can be calculated, college and university spaces have a greater intrinsic value in the minds of students, faculty, alumni, staff, and community members. Campus spaces and places, the buildings and grounds, hold memories, retain emotions, and represent the ethos of an institution. They represent that "sense of place" so important to an institution's community and brand. APPA (Association of Higher Education Facilities Officers) is devoting this report to the challenges of space. The purpose of the Thought Leaders Series is to assess how higher education issues will shape the campus, and no other issue has such potential to transform the institution than that of the policies related to effective space management and utilization. The tools, concepts, and practices outlined in this report are an important step toward effective space management. [Funding for this paper was provided by DTZ and Jacobs.]