Instead of getting a wall divider (unless you want an expedit for the storage) try turning you bed 180 degrees so the headboard faces out. Then put a side table and a chair up against the back of the headboard next to the couch. Instant room divider!

You could use some decorative curtains (or sheets!) to separate/hide your bedroom.

Examples: http://www.ikeahackers.net/2007/03/curtain-room-divider.html
http://www.apartmenttherapy.com/how-to-hang-curtains-across-an-829

Also, I would consider a table that folds flush to the wall and some stacking chairs instead of the bar. You could have it up when not in use and make your space look larger or fold down when you are using it.

A small love seat or chair facing the kitchen but close to the bedroom will help separate the space and give more seating. I'd also add two small bookshelfs (like the ikea cube style) on each side of the couch giving storage and they are short enough to place table lamps on to help light the place up.

(Like this but on it's side: http://www.ikea.com/us/en/catalog/products/50103086/ )

I'd put the bed perpendicular to where you have it now (so along the wall with the couch) and not worry about having a room divider, because it'll steal your light. Then, if you don't already have a bed with storage underneath, I'd buy rolling drawers that go underneath. If you have a queen size bed, you can get drawers for either side. I'd leave the couch and TV pretty much where they are. Put your dresser where the bikes currently are (which will make the dresser opposite the new bed location. Get some stools for your island. For the bikes, you could use the nook next to your couch (where there's a Staples box in the photo), and get one of the poles that you can hang your bike on. OR, if you feel like using your bike as a decorative piece, you could hang it flat on the wall above your couch. The desk can stay where it is, or go on the long wall and break up the space between your newly located dresser(!) and TV.

I may be spatially challenged here but I found the fisheye pictures pretty confusing. I think you need to decide if you want the living area to be next to the window or the bedroom area (I vote living). I'd put the bed where the sofa is now and put a curtain/room divider between the bed and the living area only for the length of the bed - if you can hang ceiling (like hospital) runner curtain, it can easily be pulled back. Dress the bed with a few pillows - like large body pillows in decorative accent patterns and position them as if the bed were a very deep sofa (long side as the back) and against the curtain/divider. Use same accent colors for sofa pillows.

Use the bikes as art - invest in a wooden hanger (look at betterlivingthroughdesign.com) and hang one bike above the other.

Do a search here on apartment therapy for the word "studio", then find one you like and go for it. There are tons of studio solutions in the archives here.

I Ike the idea of putting the bed by the window because it would be awkward to have guests and everyone has to pass your bed to get to the dining area. You don't want food stains on your bed if someone accidentally drops something. I think you should leave your bed where it is now or turn it perpendicular. Then get two expedits from IKEA and turn them sideways so they form your divider. If you want a lot of privacy then you should leave them vertical.

My studio is about 300 sq ft and has no dedicated bed, just a click-clack couch that I usually sleep on as more of a daybed. It's comfortable for seating and sleeping and makes a huge difference to day time use. It's not a very suitable setup for overnight guests but that's not an issue for me. Another friend has a smaller studio and she puts up her tent inside for an instant guest room.

I hate to say this but the rug is much too big for this space. I don't know what your attachment is but could you store it or maybe trade it for something smaller? A rug that is right sized can define the living room space as effectively as a room divider. If that isn't doable, try turning the rug 90 degrees and rolling one end up behind the couch,. You can turn it periodically to ensure even wear.

I agree with posters who suggest you turn the bed 180 degrees so the headboard also functions as your low room divider. This would make your sleeping room feel cozier, too. If city lights bother you, install a blackout shade behind the curtains.

Put the dresser where the desk is, to further define the bedroom area. You could then use a runner to further define to room. The desk could be multipurposed as a side table for the couch, near the kitchen, where it would probably be more useful for researching recipes and working while cooking.

Why not float your couch closer to the TV, put a small table and chairs against the wall where your couch currently is, and get some Expedits as suggested above for dividers.

I agree that the bed should stay where it is, but rotate, for functionality purposes for when guests come. Also agree with pulling the couch off the wall (I can't stand couches against the wall in large enough spaces). If you pull it the couch off the wall closer to the tv, you then begin to create 3 zones past your kitchen: 1) living/tv area defined from back of couch and with the help of a rug 2) a 'corridor' behind the couch to the 3) bedroom area.

I think your furniture placement is working already. As others have said, hang your bikes on the wall. You could use a console under the window by the hallway to put your keys. And once you get an Expedit room divider, make sure all your stuff has a place to go. I like the rug. You need some new art for this space to draw the eye up. Big and bold over the sofa, similar style but smaller pieces hung around the TV area to create a living room zone. The art along with the bookcase divider will define the areas of the space.

I lived in a studio with similar dimensions, except (luckily) the kitchen was by the windows. I would play with having the bed flush alongside the Kitchen Bar and maybe have a track that you can hang a curtain from around the bed (or an expedite at the foot of the bed)? Then you can really maximize the use of the windows and set up a cozy, proper living space (since the bed, generally speaking, gets the least amount of use).

I didn't love it, but also, didn't mind having my bed be the first thing when people entered my apartment. But you have the foyer and the kitchen! And, I found it nice that once in the apartment and settled in my living area (near the windows), one could almost forget about the bed.

Then you could hang the bike across from the bed (the CB2 bike holder is awesome), and really maximize the area by the window.

Let us know what you do!

My thoughts:
1) Turn the bed to face the window and center it along the window wall, leaving enough room for airflow around the radiator. Either replace the headboard with one a bit taller, and place your sofa so it backs against the headboard, or use expedit - again, up against the headboard - to create a room divider (and storage!) Either way, that will leave you with a living/dining area of approx 14' x 12' - very useable.
2) Use a trunk or other storage piece as a coffee table. Get underbed storage containers for more storage.
3) You've got a fair amount of closet space - trick them out with Elfa shelving to maximize every inch of your closets.

I actually think in this case it's a mistake to go with an Expedit room divider, I think you will lose a lot of light into the rest of the apartment.

I think you would be best off embracing the bed - get some really nice bedlinen, aim to have it look like the beds from the "My Bedroom Retreat" competition and, most importantly, MAKE THE BED EVERY MORNING. It might sound like a lot of trouble but in a studio apartment it will make the most difference in the least amount of time. (I speak from studio-dwelling experience - even if the rest of the place is a tip, if the bed is made the place looks fine. Conversely, if the rest of the place is pristine but the bed is unmade the whole place looks like a tip).

check out the photos from Kiel's unexpected bedroom. She is located in a studio with
a similar foot print and her place is well executed with comfort and style.

As for the bikes....I agree with everyone that says hang them on the wall then they will become intentional art.

Here's what I would do:

I would turn the bed so the headboard is against the wall the couch is on, then position the desk so it is directly across from the foot of the bed (so, on the wall the TV is on). If you don't have them already, get rolling storage boxes for under the bed. I would get a couple of Ikea Expedit 6-cubby storage units and use them horizontally on both walls, separating both the bed and the desk from the rest of the unit. If you need a lot of storage, get four and place two vertically on either side. Put "solid" stuff like storage boxes in the bottom spaces, and put pretty, light decorative objects in the top ones (and leave some empty) so they don't block the light. This way the "private" things that guests won't be using (bed and desk) will be separate from the living area. I would get rid of the gigantic rug (It is waaay too big for the space and makes the space seem small. Plus, you can probably get a lot of money from selling a rug that large, which will finance finishing the rest of the apartment.) Then buy a smaller one to define the living area. I would get a nice coffee table with maybe a couple of shelves for storage and put that in the middle of the space. I would get rid of the tall-boy dresser (I think that's what I see) and replace it with a long, low dresser and put the TV on that. Then I would move the TV and couch closer to where the room dividers would be. I would get two stools for the kitchen counter. I would get a wall-mounted bike rack where both bikes can be hung vertically and place it where the TV is now, so it is close to the entrance and you don't have to walk your bikes through the whole place to hang them up. Depending on what space you have left, I would try and get two small, comfy chairs (or upholstered storage ottomans) and place them somewhere around the coffee table for extra seating. Finally, get some cute curtains for the window and get rid of those ugly rental blinds!

put the headoboard on the same wall as the sofa; put the desk on the tv wall at the foot of the bed. use something that only conceals the bed (or part of it) but doesn't block light through the room.

I like @Ecbrown's idea of turning the bed, and using the headboard as a room divider. As someone else mentioned, you could then place a love seat or bench/console against the back of the bed, depending on what would be most useful to you. Personally, I would go for a console for resting drinks, magazines, etc, as the only other flat surface other than the kitchen counter is the desk, which is far from the living area. Keep the rug, it's beautiful, really 'dresses' an otherwise bland space!

Your timing with this question is perfect - check out Kiel's entry into the Bedroom Retreat contest, it looks like almost the exact same layout as yours and it's beautiful.
http://www.apartmenttherapy.com/kiels-element-of-the-unexpected-bedroom-my-bedroom-retreat-contest-185824

Hi, I agree with those who say the rug is too big. Hard to tell because of the fisheye effect of the photos, but it feels huge and by contrast the apartment feels tiny.

Re multi purpose furniture question: If you don't already have storage boxes below your bed, you can get some inexpensive ones. You should also have a coffee table with storage, or cubes with storage. In fact, the cubes can also be seating in a pinch.

I like your idea of a bar table/kitchen island. But what about that existing peninsula. Not sure how an additional table would work with that. Can you fit a couple of stools at that little peninsula?

Room divider: You want something that is a bit of a screen, but allows some light through. Maybe some reclaimed french doors and/or big windows, bolted together with some spiffy hardware. I also like the expedit from ikea, and ikea has some other options, including closets/wardrobes, that would further increase storage. While we're talking about your bedroom area, I agree with those who think the bed should be rotated so that the head of the bed is not on the window wall. And if those are vertical blinds, please for the love of humanity upgrade those.

Bikes: I think this is the hardest problem here. I say use the wall to the left as you enter the flat. Bike one gets mounted hung on the wall with this:
http://www.nova68.com/Merchant2/graphics/00000001/BIKERACKWALL.jpg
or something similar, and Bike two gets parked underneath it against the wall. That option might block the entry traffic, which is bad mojo. So another option would be to use the bikes as the room divider. They could be hung from hooks screwed into the ceiling...? Be sure to screw them into something that can support them. (Warning: bike may fall on you or a guest and you may be kissing your security deposit goodbye.)

I think it will be hard to do a room divider if you keep that giant rug (although I do like the rug), because the rug tends to unify the space you are trying to break up. If you keep the rug, you are likely going to need to use curtains as a divider, but frankly you should consider the Expedit route because it will give you a ton of storage for your miscellaneous stuff. Get two 4x4 units - that way they are not too tall and the light can still get over to the living area (also, fill the top cubbies sparingly so that light gets through that level as well). Put one unit on each side of the room, perpendicular to the wall, so that you create a "doorway" into your bedroom space in the middle. This should leave you about a 3-foot opening for the doorway if the measurements are accurate, or you could do one 4x4 and one 4x2 if you want a bigger opening. The reason for having 2 is so that you can use one to hide your bed, and the other will give you a space to hide your bicycles on the wall opposite your bed.

Stools for kitchen counter http://www.ikea.com/us/en/catalog/products/10152700/
Shelving/divider to block your bed and your desk http://www.ikea.com/us/en/catalog/products/20213312/
boxes w/lids to hide the Misc. http://www.ikea.com/us/en/catalog/products/50219355/

Coffee table http://www.ikea.com/us/en/catalog/products/40198396/

since the entry is on left, space will look bigger if major pieces are on right wall (looking diagonally across room). low storage on length of left wall could hold tv, bikes hung above storage or before it begins.