Four solutions, in order of my own preference.
First option would be simple parameter expansion, in two steps:
$ title="/${title#*/}"
$ title="${title%% *}"
$ echo "$title"
/rlsmodules/svnrepo/SOURCE/CBL/MQ/BASELINE/MQO000.CBL
The first line removes everything up to the first slash (while prepending a slash to replace the one that's stripped", the second line removes everything from the first bit of whitespace that remains.
Or, if you prefer, use a regex:
$ [[ $title =~ ^[^/]*(/[^ ]+)\ ]]
$ echo ${BASH_REMATCH[1]}
/rlsmodules/svnrepo/SOURCE/CBL/MQ/BASELINE/MQO000.CBL
The regex translates as:
- null at the beginning of the line,
- a run of zero or more non-slashes,
- an atom:
- a slash followed by non-space characters
- a space, to end the previous atom.
The $BASH_REMATCH array contains the content of the bracketed atom.
Next option might be grep -o:
$ grep -o '/[^ ]*' <<<"$title"
(Result redacted -- you know what it'll be.)
You could of course assign this output to a variable using command substitution, which you already know about.
Last option is another external tool...
$ sed 's:^[^/]*::;s/ .*//' <<<"$title"
This is the same functionality as is handled by the parameter expansion (at the top of the answer) only in a sed script, which requires a call to an external program. Included only for pedantry. :)