The more I thought about it, the more I thought that this enormous storage space was wasted on storage. About 8x8 or 8x9, I thought I could put it to better use. So I came up with a plan. And now, it's finally finished. I utilized every bit of space, and put up screens to hide the furnace and water heater. So, without further ado:
The left-hand wall is all peg board, I just don't have any pegs yet, or anything to hang on it, but it's ready! The storage on the left is from Michael's, bought with 40 and 50% off coupons. The rug was re-purposed from the pre-orange office, and the chair is surprisingly comfortable from IKEA.
The cork is from Amazon, and I like that pop that the darker colored cork gives off the all-white space. It's also the perfect spot to hang my quick-reference cards for my Slice die cutter.