how about this? 
public String fillSpaces(int len) {
    /* the spaces string should contain spaces exceeding the max needed */  
    String spaces = "                                                   ";
    return spaces.substring(0,len);
}
EDIT: I've written a simple code to test the concept and here what i found. 
Method 1: adding single space in a loop:
  public String execLoopSingleSpace(int len){
    StringBuilder sb = new StringBuilder();
    for(int i=0; i < len; i++) {
        sb.append(' ');
    }
    return sb.toString();
  }
Method 2: append 100 spaces and loop, then substring:
  public String execLoopHundredSpaces(int len){
    StringBuilder sb = new StringBuilder("          ")
            .append("          ").append("          ").append("          ")
            .append("          ").append("          ").append("          ")
            .append("          ").append("          ").append("          ");
    for (int i=0; i < len/100 ; i++) {
        sb.append("          ")
            .append("          ").append("          ").append("          ")
            .append("          ").append("          ").append("          ")
            .append("          ").append("          ").append("          ");
    }
    return sb.toString().substring(0,len);
  }
The result I get creating 12,345,678 spaces:
C:\docs\Projects> java FillSpace 12345678
method 1: append single spaces for 12345678 times. Time taken is **234ms**. Length of String is 12345678
method 2: append 100 spaces for 123456 times. Time taken is **141ms**. Length of String is 12345678
Process java exited with code 0
and for 10,000,000 spaces:
C:\docs\Projects> java FillSpace 10000000
method 1: append single spaces for 10000000 times. Time taken is **157ms**. Length of String is 10000000
method 2: append 100 spaces for 100000 times. Time taken is **109ms**. Length of String is 10000000
Process java exited with code 0
combining direct allocation and iteration always takes less time, on average 60ms less when creating huge spaces. For smaller sizes, both results are negligible. 
But please continue to comment :-)