Over the past thirty years, considerable research has been conducted to understand the issues that affect a student's choice of a higher education institution. Past research has focused on understanding the phases of the decision process and the personal, financial, and environmental factors that influence institutional choice. Many of these studies include some aspect of the institution's physical environment, but these physical aspects are usually secondary to the main thrust of the research. Through the support of the APPA (now the Association of Higher Education Facilities Officers) Center for Facilities Research (CFaR), a research project was completed to determine the level of influence physical assets such as buildings, landscape, and other tangible resources exert over student recruitment and retention and whether this influence affects students of various demographic backgrounds. This chapter is a summary of the research project as reported in APPA's "Facilities Manager" magazine (Reynolds, 2006). Three outcomes identified in the current study indicated the need for further research: (1) What other exogenous variables could be used to determine which facilities affect student recruitment and retention?; (2) What planning and policy measures could be developed as a result of this research?; and (3) Should allocation of resources be planned using the results of quantitative analysis of student choice? (Contains 8 figures and 2 tables.)