A workspace consists of several files. They have the same prefix as the workspace, and have the extensions: .ALB, .ALX, .ALM, and .ADB
You can use Clone Workspace instead to quickly rename your workspace. Clone workspace will make a copy of your entire workspace with a new name in a new location. You can delete the original workspace after you've cloned it.
To rename a workspace:
Use the Windows Explorer to rename or delete the workspace's files. For example, if you wanted to change a workspace's name from NEW_SALES to OLD_SALES, you would rename the files as follows:
"NEW_SALES.ALB" to "OLD_SALES.ALB"
"NEW_SALES.ALX" to "OLD_SALES.ALX"
"NEW_SALES.ALM" to "OLD_SALES.ALM"
"NEW_SALES.ADB" to "OLD_SALES.ADB"
If there are any libraries associated with the old workspace name.
Select File > Workspace Properties.
Display the Libraries tab.
Select each library associated with the old workspace name and click Remove.