One thing I love about craft spaces is that they almost always end up being full of color; rainbow spools of thread, skeins of yarn, and bunches of markers become decoration in and of themselves. Keeping organization in mind, work vertically with shelves, cups, and bins to fit them all in.
If you don't have a room to dedicate to crafting, consider concentrating your stash in a closet (Image 3) or free-standing cupboard (Image 6). I did this with a built-in cupboard in my last apartment, and even though it wasn't very big, I felt satisfied that I had made a spot just for me and my materials (Image 7).
1. My Aim is True
2. and 6. Country Living
3. via The Project Girl
4. and 9. Kristen Lubbe for Apartment Therapy
5. Family Circle via SuzieBeezie
7. Kim Rinehimer for Apartment Therapy
8. Laura Normandin for Design*Sponge
Images: as linked above