The studio I now occupy is technically the third studio I have had. While still in college I took a small room and with lots of help, converted it into a moderately functioning studio. Unfortunately I never hooked my kiln (a used 7 cubic foot bought used) up, and had to transport all my greenware to school to fire--which is not fun. It would be the first of three times I have had a studio that I did not fully take advantage of, and after a while, we converted into a nice bathroom.
My second studio was a massive space, at least 800 square feet in an old defunct woolen mill, but after a year and a half or so there I had the brilliant idea of moving my studio to my home. This has it's advantages and disadvantages. It is wonderful to be so close to your work and not so wonderful to be close to so many distractions. It is in my basement and during the winter, even with a 220 volt space heater I installed, can be very cold and damp. My fingers are so cold sometimes I loose dexterity in them. I work in a down vest and a thermal shirt layered under another shirt. But I am very lucky to have this space and also sad that so much of the time since we created it I have not used it enough. There is the draw of a steady paycheck working at a "real" job outside always calling me, and I usually listen.
Notice the temperature on my kilns-it says 59 degrees. There must be some magic climate inside, because it feels much colder out here.