An apparatus and method for managing of common storage in a storage system is disclosed. In one embodiment, a storage system receives a request to set a space reservation for a volume associated with a logical aggregation of physical storage. In response, the storage system sets the space reservation to indicate that the logical aggregation of physical storage is to provide a specified amount of space to the volume. In one embodiment, space within the logical aggregation of physical storage is automatically reclaimed to set a delayed space reservation if the amount of unused space within the logical aggregation of physical storage is insufficient to set the space reservation. In one embodiment, the volume is either a space-reclaimable volume or a non-space-reclaimable volume. Other embodiments are described and claimed.