This document proposes a new model called Hyper-MSpace (HMSpace) to analyze complex, evolving business spaces with heterogeneous agents. HMSpace is a multi-layered structure consisting of multiple, interconnected MSpaces. Each MSpace models a type of agent and its evolution based on dimensions. Agents can influence each other across MSpaces. The model aims to provide navigation between layers and analyze agent interactions and transitional evolutions. A case study is provided to demonstrate HMSpace's capabilities for exploring complex, real-world business spaces composed of diverse, interdependent agents.