The title question arose in the course of discussing a question on MathOverflow. Obviously, from the space hierarchy theorem we know that not only is it false that $\mathrm{DSPACE}(n^b) \subseteq \mathrm{DSPACE}(n^{b/2})$, but there is a proper inclusion in the other direction. But once we limit the time budget of the left-hand side to $n^a$, I'm no longer sure what we can say.
If the question can't be answered unconditionally, then can we answer it conditional on some standard hypothesis or relative to some oracle?