A common logging system (a "virtual logging system") that presents to one or more log clients the appearance that each log client is interacting with a dedicated logging system. In reality, the virtual logging system is multiplexing virtual log streams, including log records, for each log client into a single transactional log. In particular, the invention is directed at a system and method for decoupling space reservation between a plurality of distributed components and a core component in the virtual logging system.