A workspace is helpful when you need to share a number of items with the same group of people. For example, you might create a workspace for each of your clients (each workspace could have branding appropriate for each client) or each department at your organization.
Similar to a folder, a workspace is a place where you can store sheets, reports, dashboards, and templates to keep them organized. A workspace offers more functionality than a folder because you can set up sharing permissions and branding (a logo and a color scheme) at the workspace-level—and a workspace can contain folders so that you can keep things within it organized. As new items are added to the workspace, they’ll automatically inherit the sharing permissions and branding applied to that workspace.