It doesn't sound natural to me to make a compound noun from 'table' and 'space'. Unless you are a kitchen designer or restauranteur and 'table space' is an accepted term within the jargon of your profession, you wouldn't say it that way. In everyday English, it would be more natural to say something like, 'We haven't got much space for a table in the kitchen' or 'There isn't a lot of space for the table.' We wouldn't put the two nouns together to make a compound. Note that we only make compound nouns when we're talking about a recognised object or accepted phenomenon, such as 'table manners', 'table mat', or 'parking space'. 'Table space' is not a term in its own right, so it would be unusual to use the words in this way.

Correct

We lack table space in the kitchen > Perfect