Use multifunctional furniture. That side table can serve as a bedside table, but flip it around and it also can serve as a lower table with a magazine rack, or as a laptop tray. The bench is multifunctional as well — it rolls, it provides extra seating, and has storage underneath.
This designer also has saved space by tucking the bed into a nook with shelves at either end, and by adding loft and storage space near the ceiling.