Basically when we say Namespace we mean a certain location on the hdfs. In Hadoop we refer to a Namespace as a file or directory which is handled by the Name Node. According to Hadoop, Name Node manages the file system namespace. It maintains the file system tree, and the metadata of all the files and the directories in the tree.
Namespace act as a container where file name grouping and metadata which also contains things like the owners of files, permission bits, block location, size etc will be present.