What happens when a shared drive is deleted?

A quick search didn’t reveal any answer to this question. Sorry if I missed it somewhere.

I have a Drobo 5N2 device which has three shares. One has been a time machine back up for my business iMac. I realized today I had move all the stuff I was backing up to time machine over to another folder on the drobo so there’s no need for the time machine backup any more.

I want to delete the time machine backup share. What happens to the storage allocated to it… will it automatically be allocated to another share, or is it just unallocated space? Assuming it may be the latter, can that unallocated space be added to another share that already exists?

Thanks for assistance.