Chemical Reaction Engineering
For a tubular reactor with space time 'τ' and residence time 'θ', the following statement holds good.

τ = θ , when the fluid density changes in the reactor
τ = θ , for an isothermic tubular reactor in which the density of the process fluid is constant
τ = θ , for a non-isothermal reactor
τ and θ are always equal

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Chemical Reaction Engineering
A space time of 3 hours for a flow reactor means that

Conversion is cent per cent after three hours
Three reactor volumes of feed can be processed every hour
It takes three hours to dump the entire volume of the reactor with feed
The time required to process one reactor volume of feed (measured at specified conditions) is 3 hours

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