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During the first LHC run, CMS stored about one hundred petabytes of data. Storage accounting and monitoring help to meet the challenges of storage management, such as efficient space utilization, fair share between users and groups and resource planning. We present a newly developed CMS space monitoring system based on the storage metadata dumps produced at the sites. The information extracted from the storage dumps is aggregated and uploaded to a central database. A web based data service is provided to retrieve the information for a given time interval and a range of sites, so it can be further aggregated and presented in the desired format. The system has been designed based on the analysis of CMS monitoring requirements and experiences of the other LHC experiments. In this paper, we demonstrate how the existing software components of the CMS data placement system, PhEDEx, have been re-used, dramatically reducing the development effort.