The article is devoted to the study of the definition of economic space in modern scientific discourse. The urgency of the article is substantiated by the necessity to improve the methodology and practice of regional governance due to the global markets’ trends. Also the actuality of the work is determined by the specific of Ukraine regional management and necessity to modernize its methodological bases due to needs for the development of the economic space of Ukraine in terms of global competition. The aim of the study is to generalize, critically analyze and develop theoretical bases for defining the concept of "economic space". The study has used dialectical, monographic and analytical methods, and also the method of comparative analysis, system and process approaches. The comparative and critical analysis of existing theories of productive forces development has been made. Various definitions of economic space have been systematized and analyzed. It is substantiated that the system approach is the most suitable for use in the process of defining the concept of economic space. Economic space is a territory in which economic agents operate and interact within the available resource, institutional, social, infrastructural and other constraints. The concept of economic space reflects the functioning of the system, in which the object of management for a certain period keeps the structure and properties unchanged. The region is defined as a stable set of elements interconnected by socio-economic conditions, common interests, strategic goals and a single value system. The development of this system is provided by available resource potential, cross-sectoral and interregional cooperation, and active participation of public institutions in regional socio-economic processes. The relative independence of the region as a system is determined by its socio-economic unity with the national economy (quasi-state). At the same time region is a system with competitive advantages and the ability to self-development (quasi-corporation). It isn’t only a territorial unit; also it is a social basic unit of economic space due to the fact that the population, differentiated by demographic and socio-economic characteristics, is the central element of the territorial system and a single territorial community.