1. A computer program product for implementing a space efficient volume for a host system transmitting writes to the space efficient volume, wherein the computer program product comprises a computer readable storage medium having program instructions embodied therewith, the program instructions executable by a processor to cause operations, the operations comprising: maintaining the space efficient volume, wherein physical storage space is allocated to the space efficient volume when the host system submits a write request, wherein an amount of space needed by the write request is allocated to the volume in response to receiving the write request; receiving, from the host system, a space allocation request for an application operation, wherein the space allocation request indicates a requested amount of space to allocate in the space efficient volume for the application operation; and pre-allocating the requested amount of space in in the space efficient volume for the application operation in advance of the application operation needing the requested amount of space for a series of write operations that will be generated during the execution of the application operation.