Congrats! You're going to want to set up a place right next to the door for the bikes. Lay down a durable rug so you don't track in dirt, rocks, etc. As for the rest of your space, it would really help to have a floor plan and an idea of whether you have overhead lighting. If you've got wiring for overhead light, that is typically where people place a dining table so you can take a visual cue from that.

I always like the various Ikea Stolmen bike rack hacks on ikeahackers.net. Here's just one: http://www.ikeahackers.net/2008/02/stolmen-bike-rack.html. Do a search and you'll find plenty of other ideas.

Area rugs are a good way to define the different zones. I've seen craft stations set up inside armoires-that might work for you. Attaching a pegboard on the inside of the door will take care of the clutter.
I found an example
http://www.potentiallybeautiful.com/2012/01/repurpose-tv-armoire.html

I think the IKEA expedit is such a great room divider, and can be accessed from both sides, which is great!

These are beautiful bike racks which you might be able to knock off.
http://theknifeandsaw.com/KSItemDetail.php?PC=Y&II=2

Are you renting or did you buy it? Because the kitchen looks a little bit sad. If you are able to, I would try to make it look a little bit better by painting it (including the appliances) and adding a new backsplash. Since its so open, I think its worth trying to make the kitchen look better.
Lamps are great for definying areas too! The expedit is great budget piece do seperate areas. For your craft area- is there a closet you could use to put a desk in there? There are many good examples of work spaces in closets- very practical since you can just close the door and hide the clutter. If not, think about a nice desk with storage (maybe vintage) and you could position it behind the couch, if the couch has the right look/hight. There's an example here: http://blog.hgtv.com/design/2011/05/09/secrets-from-a-stylist-modern-urban-beach/ You have to put your stuff away if you go this route, but if you have the storage right there it might not be that bothersome.
Difficult to give to much advice since there's no floorplan & its difficult to see how much space you have. But seperating the bed area is always important, be it with an expedit or some other bookcase, or something else (a small apartment winner a few years back used a credenza and over that a sheer panel that worked as a projector screen, http://www.apartmenttherapy.com/small-cool-2010-chriss-furnitu-113251)

A specific tip I can vouch for is that you'd benefit by consistently wearing shock-absorbent house slippers from the beginning considering that floor. Such floors look good and are low maintenance but can injure feet over time. An excoworker actually got a foot stress fracture from that flooring in her section of our workplace. She then had to wear extremely supportive shoes in perpetuity at work to allow the fracture to heal and stay healed.

I would add a portable island to the kitchen area, maybe flanked by stools on one side. It can be your eating and food prep area, but could also be wheeled or carried out of the way if you need more space (dance party, perhaps?) I also agree with other posters' suggestions of using bookcases and rugs to help define the other living spaces.

Looks like a fun blank slate!

I concur on the kitchen island, especially since your counter space is so limited. For your craft area, how about an Expedit with the desk attachment? It would give you a workspace, storage and would create a "room" that's walled off from the rest of the space.

I would get a long table to run parallel to the kitchen wall, to function both as a dining table and an additional work surface. A sofa parallel to the dining table but facing away from the kitchen would help define the living area, and as others have mentioned, a rug can define the living area and make the concrete floors more comfortable. Against the wall opposite the sofa, you could have floor to ceiling storage cabinets (perhaps Ikea), that could contain your TV if you have one, craft supplies, books, and assorted items. Your sleeping area could also be defined with a rug, and maybe a bookcase as a divider.

AT has featured tons of cool wall hangers for bikes...perhaps the bit of wall next to the glass entry door would work for hanging bikes? It might help to hang a tapestry or something behind the bikes to project the wall, as it would be easy to get black marks all over the wall from the tires.

Something like the Gear Up freestanding oak bike rack can serve as an effective room divider. It can hold up to 4 bikes, so you can put both bikes on the bottom and use the top for something else (hanging plants or candles, coat rack, rod to hang art or scarves, add a shelf on each side, etc.) or you can put 2 bikes on one side and rig up a curtain rod mounted across the top on the back side for privacy or to block the view of the bikes if you wish.

As for the craft space, I like the armoire idea but what you need will depend on what crafts you practice. In any case, make sure you have excellent lighting and I recommend having a good solid flat surface.

There are some really clever drop-leaf and gate-leg table designs that might help you out. Some of them store their own stools/chairs within their footprint, others have middle storage, and you can keep one or both sides folded down most of the time if you only need the large flat surface when you craft or when you have company over. Before you buy, just be SURE you are OK with the amount of legroom those tables give you when you are using them since many of the designs compromise the amount of comfortable legroom in the design of their collapsable legs & table supports. I found ours on Craigslist.

absolutely a kitchen island, but don't cheap out on the look. You can buy base cabinets from ikea, try setting up the format to have some for kitchen supplies, others for your crafting supplies. Hey, once the doors are closed nobody knows what's in there anyways. You can buy tops from ikea or get a custom top. Dining, entertaining, crafting, cooking will all take place there, so it would be nice to have a nice surface for that. If you purchased, then consider installing overhead spotlights for that area. Worth it. I agree with others, expedit from ikea would be great for separation. Unlike the others, I think you should consider the visual clutter this might create, depending on what you put in there. I'm a fan of blocking off the side facing the dining area, maybe dropcloth, then hang artwork. That makes that side look more like a wall. You can stage a seating area then, in front of it, also on the dining side. Keep the bedroom aspect minimal in terms of space. Also consider clothing storage. 2 people, 2 closets? Once again, ikea or custom build or a combo. Take stock of how much stuff you have, and your ability to drill into the walls. Building a custom closet from scratch is not that hard, but if you cant hit the studs, then freestanding storage is your only option. Consider making those work for you in terms of space separation too. Apartment Therapy has beautiful ideas in their small spaces category. Good luck! Try to not push everything towards the walls in an attempt to keep things "open" but consider the flow of the zones.

Make a digital floorplan of your space before you buy furniture, and experiment with possible layouts. PlanYourRoom.com (2D) and mydeco.com (3D) are both useful for this purpose. Measure carefully!

Someone mentioned the Ikea Stolmen system for hanging bikes, but it's also a great room divider if you want something a little lighter weight visually than the Expedit. We have a loft-style living room and used Stolmen cabinets to separate our TV area from my office space, but you could also use the clothes rail pieces to hang curtains and create a bedroom space. The cabinets are expensive (we bought ours used from Craigslist), but the tension poles are only like $30 a pop.

Was thinking the same as the person who suggested a long table parallel to the kitchen. I'd make it a bit low, like 27" or 28" high, to make it easy for working on a computer or crafting easy, and it will be your kitchen prep and eating table as well. I'd make it not very deep, and definitely less than 30"...something like 24 or 26" deep. And really long. You may end up having it made to fit these dimensions...don't worry, this doesn't have to be expensive. The top could be made from something like ikea butcher block counter top, which is really cheap, and quite pretty...just needs some sealer applied. Legs are cheap and easy to add. You can put some storage units under the ends it you like, but keep the middle open for your legs. If you need more kitchen storage space, you can add a tall cabinet elsewhere perhaps. Use mix matched colorful chairs and stools, looking for chairs that aren't really wide. Vintage dining chairs often take up way less space than new ones, which are almost uniformly wider, do. Or get some new slimmer chairs that stack. One long actual table with leg space will be far more useful than an island of cabinets with a small ledge for eating. Yes, you will do your crafting on it, but will store your stuff in bins in a cabinet elsewhere. You will love having all that space to spread out on. Ditto for a desk...this will be your desktop as well, with a cabinet holding files and supplies somewhere nearby. If you make it long enough, you will be able to eat on one end without having to put away whatever you are working on for crafts or desk stuff as the other end...it will function as two separate spaces. Yet you'll have space to seat guests at the long table when it is cleared. If you really want your eating to be separate from other work functions, if your space is big enough, stiil do a long narrow table here, and do another one, perhaps as a table behind a sofa, that you can use for crafting, and maybe as a desk as well. Or make these two separatee areas, if you have room for a small desk, maybe a tall secretary desk with provides storage above, elsewhere. Definitely think storage for all your other pieces...an end table or coffee table, if you use them, should be storage pieces, like a file cabinet for an end table, etc. Gear has nice bike racks if you want them up off the floor. You can also put a small sofa away from the wall a bit to the side of the door there...and just slide the bikes into the space behind it when you come home...this I find preferable to hanging bikes if they are used multiple times a week, because I'm lazy. You can do this with a piece of furniture that is not a sofa as well, like a console, an expedt, a tv stand, an armoire like an ikea pax if you need to add closets, or other tall door storage units. This isn't to hide the bikes, but to be able to use the space more efficiently. You will definitely want to wear your running shoes in here to protect your body from that hard concrete. You will also want to add rugs for when you aren't in shoes, like when you get out of bed. Make sure you use thick padding under rugs...the kind made or fibers that look like felt that you get at a rug store...it isn't cheap, but it will help. I'd go cheap on the rugs, but not skimp on the padding, with concrete floors. If you like a modern look and aren't a fan of rugs, you can use springy rubber padded mats instead. You will definitely want a long runner made of thick rubber in front of that kitchen to cushion your feet when working there.

Also, if you want to hang your bikes, that space just to the side of the door would work well to hang them vertically on hooks, with one wheel above the other, rather than horizontally.

also, install some open shelves above the kitchen sink between those two cabinets there.

Hard to tell without seeing the whole space, but if you are trying to fit a bed as well as a living area, you can do a variation on the classic studio layout of bed behind the sofa. Here, you could put a sofa facing the long dining table, or at a 90 degree angle to it, to identify the living/dining area.

Other ways to separate or make private spaces are:
- set up a way to keep the door to the toilet from being seen from the eating / socializing areas: your bike stand, a wardrobe, tall bookcase, swath of fabric, etc.
- paint: one wall a different color; a stripe, on the ceiling, wall or floor.
- above a low boxy piece of furniture: hang a mobile or candle lantern(s) or a big kite or mosquito netting. Don't block the view, but capture the viewer's eye before it goes into private space.

Grrr... you guys! This is actually funny... I recognized these pictures because I wanted to rent this place but you beat me to it. I am very jealous.
I definitely recommend a kitchen island and an ikea expedit (be patient, you can definitely find one on craigslist). Also, look at lots of the older "Small Cool" contests on here for great ideas.

Dividers need not completely block a space off. An open bookshelf is a good idea, but you can also just block half the sleeping area from view (generally, the top / headboard end) with a more solid piece.

It's enough for our brains to think: this is another space. Think about how much a waist-high fence will stop most people from entering an area.

I would say bed in a corner, bookcases or shelving coming out from the walls at the foot and sides to half the width and length of the bed so that it leaves an open corner. The bed area should not be visible from front door.

Don't use an expedit as a room divider if you live in earthquake country unless you are somehow able to secure it through the foor and ceiling. A falling bookcase could kill you.

Portlandvegan - that gave me a bit of a laugh! Oh well!

If I were you (as a grad student living in a 250-sq ft studio), I would do this:
-leave space for the bikes right by the door. Put a floating shelf above the bikes (between the door and window) and a mirror above as an entryway.
-put a dining table that triples as a kitchen prep counter and craft table parallel to the kitchen.
-If space allows, float the couch parallel to the kitchen table, with a buffet between the couch and table. Or put a buffet/long low dresser against the wall with the entryway door. Yay for storage! Otherwise the couch could go against that wall too.
-Bed goes in the right corner of the third pic with a cute nightstand (with drawers!) on either side. You could even install hospital track curtains to keep the bed area private.
-Another option for a craft area is a coffee table that has drawers and a leaf that you can raise up to desk height (have you seen those?).
-If you need a vanity area, get a waist-height dresser and put a mirror over it. More storage + less space = ideal for a studio :)
-I like dressers on legs, because it provides storage but takes up less visual space. And mirrors! Lots of mirrors to bounce light around.
-Biggest tip: get rid of everything you don't use/need/love. When I downsized I was amazed at all the junk I'd accumulated because I had the space!
-Luckily it's a pretty open plan, so you can just play around until it's right! I'd love to see how this turns out...Small Cool contest anyone? :)

I live in a similar open studio like yours- only 600 sf, polished concrete floors & white walls abound. The one thing that has been most useful (as well as create a distinction between kitchen & living) is a custom built island on casters with a cutting board as the surface. It's food prep, a table & a nice space to linger around when friends are over. Comfy bar stools are necessary if you opt to forgo a dining table as we did. Also having a clear spot at the entry to set belongings keeps the space tidier which is key to enjoying a studio. A multi shelved end cap of a large bookcase/entertainment center/desk (which serves as the divider for the bedroom) is where we & guests put our things. Happy decorating!