"It" or "there" are both correct in the following. Is there any difference in grammatical terms?
It/There was standing room only in the courthouse.
I'd appreciate your help.
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They are a little bit different, yes.
"There was standing room only" is a slightly older phrasing of what might be more modernly written as "There was only standing room" or "There was only room for standing" were it not such a common phrase in itself. The phrase "standing room" is being used as a sort of concrete noun here, as though "standing room" was a physical thing located in the place, alongside presumably some "seating room" that was all taken up.
"It was standing room only" is similar but treats "standing room" as an adjective, more of an event or description of a vibe. Like you might say "It was hot, cramped, and standing room only".