Changing name and description of space
How to change the space name and description:
Click the three dots (...) icon near the space header.

From the dropdown, select Settings.
Under the General tab, edit the space name and description.

When you're done, click Save.
Alternatively:
Click the member count in the top-right corner of the space.

From the pop-up, go to the General tab.
Edit the space name and description, then click Save.
Even if you change a space's name, its URL will remain unchanged unless you update it. Also, once you update the new URL, old one will expire.
Changing space URL after renaming
Type the new URL in the text box under Change URL.

Click Update.