Paces around the room (5)
I believe the answer is:
space
'room' is the definition.
(I've seen this in another clue)
'paces around' is the wordplay.
'around' is an anagram indicator.
'paces' with letters rearranged gives 'SPACE'.
'the' is the link.
(Other definitions for space that I've seen before include "Room; gap" , "Interstellar vacuum" , ""The final frontier"" , "Emptiness" , "Blank" .)