My wife and I are both graduate students, so we both need our space to get our stuff done. In our current place, we don't have much room in our home office, which doubles as a storage area. That's why we had the entertainment center removed, as well as the old TV that we never used, and installed bookshelves in the living room. That was the first step. Then, we put a simple IKEA Jonas in the front left corner of the living room. It's my main workstation and home office. The Jonas desk is affordable and large enough to serve my needs. I used to have a Galant with multiple extensions that took up way too much space. It was also too deep in the main corner.
You should consider setting up a living room workstation if you need an extra place to work. It doesn't need to be a full on home office. All you need is a small place to put down a laptop, some notebooks, and books to get started. If you don't use your living room much then you can consider converting part of it into a home office. If the workstation is located in the right spot, like a corner, it won't take up that much space. This means that the sofas and coffee table area can still be used. Ideally, you could use modular shelving like the IKEA Stolmen to house your HDTV is you have one.The Living Room Desk Daniel hacked together his living room desk so that it fits perfectly in the nook that he had chosen. This is a really interesting idea if you want your desk to appear unobtrusive. Narrow & Compact Workstation While this workstation isn't located in a living room, it can be since it's so narrow. A lot of stuff can be added onto this small desk, this is why we like it.
4. Tiny Workstations For Small Places This roundup includes a few ideas on what kind of workstations you should consider setting up in your living room. They can also be installed in other rooms, to maximize your office space.
(Image credit as linked above)