Why a new rewrittable CD has no space after formatting?

A new rewritable CD, or CD-RW, may appear to have no usable space after formatting due to the way the disc's file system is structured. During formatting, the disc is prepared for data storage, but this process can reserve some space for system files and error correction, reducing the available capacity. Additionally, if the formatting process includes creating a specific file system, it might further limit the space available for user data. As a result, the reported usable capacity may be lower than the total physical capacity of the disc.