This article explains how workspaces, folders, and albums can be moved with just a few clicks.
With the folder view enabled, the Move button is available for each workspace (top-level folder), as well as for every folder and album. After clicking it, a dialog opens where the desired destination can be selected using the folder or album structure. Finally, click Save.
Moving a workspace will convert it into a regular folder. Conversely, a folder becomes a workspace when it is moved to the top level.
⚠ Note: Albums and folders cannot be moved into each other. The reasons for this are explained in detail here.