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Multimodal Large Language Models (MLLMs) have shown remarkable progress in temporal or spatial localization tasks, but struggle with joint spatio-temporal video grounding (STVG). We identify two fundamental bottlenecks hindering this capability: (1) the sheer number of visual tokens makes long-range and fine-grained visual modeling challenging; (2) generating a long sequence of bounding boxes in text makes it difficult to accurately align each box with its specific video frame. Distinct from prior efforts that rely on attaching complex modules, we argue for a more elegant paradigm that unlocks the inherent potential of MLLMs and leverages their strengths. To this end, we propose \textbf{\textit{SpaceVLLM}}, a MLLM equipped with spatio-temporal video grounding capabilities. Specifically, we propose Spatio-Temporal Aware Queries, interleaved with video frames, to guide the MLLM in capturing both static appearance and dynamic motion features. We further present a lightweight Query-Guided Space Head that maps queries to precise spatio-temporal coordinates, bypassing the need for direct textual coordinate generation and enabling the MLLM to focus on video understanding. To further facilitate research in this area, we propose an automated data synthesis pipeline to construct \textbf{V-STG} dataset, comprising 110K STVG instances. Extensive experiments demonstrate that \textit{SpaceVLLM} achieves the state-of-the-art performance on STVG benchmarks and maintains strong performance on various video understanding tasks, validating our approach's effectiveness. Our code, dataset, and model will be released.