Sweet. Perfect space for a bike garage. Are you going to put in a Computrainer and computer, or trainer? If so, you need an air cleaner, like the Friedrich models. Don't work out in that space without some sort of proper ventilation either.
Paint the floor after you fix the cracks. You need a small reefer of course. Maybe a microwave if you are hardcore. :)
Some great ideas above, too.

-Robert

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"How wonderful it is that nobody need wait a single moment before starting to improve the world." ~Anne Frank