It's prepared during social event in space (8)
I believe the answer is:
distance
'space' is the definition.
(I know that space can be written as distance)
'it's prepared during social event' is the wordplay.
'prepared' is an anagram indicator.
'during' indicates putting letters inside.
'social event' becomes 'dance' (I've seen this in other clues).
'its' with letters rearranged gives 'ist'.
'ist' going into 'dance' is 'DISTANCE'.
'in' is the link.
(Other definitions for distance that I've seen before include "Aloofness, reserve" , "Ascend it from one point to another" , "standoffishness" , "Space between two places" , "Length of space between one place and another" .)