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Areas, in a nutshell, are bounding boxes that can have all sorts of user definitions on them. For example, they can be used to do triggers on maps, player start positions, and so on.
The creation window consists only of an input to select the Area Type that the created area should have. NOTE: listed Area Types are supposed to be user defined, so they will be game specific. For more information on them for a specific game, please refer to that game's own section.
To create an area, you should proceed as follows:
More on areas here.