We recently scrapped our plans for a custom built home office in the den. We couldn't sacrifice the valuable square footage on something that would inevitably become littered with junk and remain mostly unused...
Our current home office consists of a laptop; we sometimes keep a pen and notebook handy and we have a printer hidden away for the few times that we need it. The laptop lives anywhere and our wireless connection takes care of the rest. Lately, the most permanent location for the "office" has been the extra wide armrest of the living room sofa, within sight of the television, kitchen and, given its size, the rest of the apartment.
Is there a need for a dedicated office space in the home given the way we work these days? Bills are paid online and files are scanned and saved on the computer alleviating the need for much storage, and most of our work is done electronically anyway. If we had ample space, we'd love to have a nice, big workspace – there are some fine looking desks out there. For now, we're quite happy drifting from electrical outlet to outlet, working from the comfort of the sofa.