The characters combine to mean “the area [面积] that is publicly [公] shared by apportioning it [摊] among the owners.”
The concept of `公摊面积` is virtually unheard of in most Western countries but is a cornerstone of the modern Chinese real estate market. It's not a traditional Chinese concept but was imported from Hong Kong's pre-handover property market practices in the 1990s as mainland China's housing market was privatized.