In this paper, we consider a physically constrained multi-pair two-way massive multiple-input multipleoutput (MIMO) decode-and-forward (DF) half-duplex relay system, where multiple single-antenna user pairs exchange information through a massive MIMO relay, and we employ zeroforcing reception/zero-forcing transmission (ZFR/ZFT) at the relay. When the number of relay antennas M becomes very large and tends to be infinite, we study the large-scale approximation of the sum spectral e ciency (SE) with the e↵ect of spatial correlation generated by the constrained space. Furthermore, we investigate the energy e ciency (EE) with a practical power consumption model, and demonstrate the impact of the relay antenna number and the size of constrained space on the EE performance. Index Terms-Decode-and-forward relaying, massive MIMO, spatial correlation, spectral e ciency and energy e ciency, zero forcing processing.