2) Refers to the space in which people perform sexual activities; particularly activities pertaining to anal sex.
Goes out to my buddy iKrazy which demanded the second def
Bro1 - Yo bro your invading my shagspace.
Bro2 - No dude your in my shagspace back up.
Guy1 - Hey honey wat's goin on?
Lady1 - I WANT YOU IN MY SHAGSPACE NOW!
Guy1 - whoa whoa whoa dinner and a movie first baby!