If by space you are referring to volume, then NO. Matter doesn't lose a considerable amount of mass when it changes volume. See: Law of Conservation of Mass. However, if the volume increases and the mass does not the density of the object decreases.

Summary: No. It doesn't lose mass. But it does lose density.

Yes, considerable is an adjective.

Example: The considerable girl helped the child.

Considerable modifies girl.

the world is leading a considerable respect

it is considerable to brush your teeth everyday

This business can give considerable profit