For those of you wondering how to decorate a studio, or just living in a small space, I've always emphasized that dual-purpose furniture is key. A pull-out sofa will accommodate overnight guests and serve as seating during the day. At 66" wide, the West Elm Convertible Sofa ($799) is a great size for a studio. It will fit two people comfortably in front of a coffee table (or storage ottomans!) and unfolds to be used as a bed when needed. It's only available in two colors — light camel or pumice —. But, I think the colors are pretty versatile, especially if you personalize the sofa with your own accent pillows and a throw.