There's a funny irony in the fact that you have to have space to create space.
When square footage is tight, you need to find clever ways to store your things. But those "genius" storage solutions usually require their own sacrifice in the form of either floor space (wardrobes, bookcases) or wall space (wall-mounted shelves and racks). If you're tight on both, you might feel like you're out of luck.
But I recently discovered a clever small space storage solution while browsing the IKEA website (of course!): A modular outside-corner cabinet.
It's not magic, but it's efficient. It claims just a bit of each of those precious resource so as to avoid manipulating a lot of either. And the space it does claim is mostly unused in many homes; outside corners aren't usually a spot where you're likely to place furniture, and these could tuck in nicely right next to a sofa or chair.
All you need to do to make it happen is find a modular cabinet system you like and plan a layout. The cabinet wrap comes together when you slide one section of cabinet out past the corner and butt another cabinet section against the back of the first. So truly any cabinet system will work.
IKEA's LIXHULT configuration above can be bought as a combo for $170. But if you like a more traditional look, you can consider the modular cabinets from Pottery Barn or Crate & Barrel instead, or West Elm has you covered on the industrial-style front. For a design-y splurge, you can't go wrong with the Muuto stacked shelving system, or for a bargain, search around on Target or Amazon. (And of course you can always trust The Container Store to have your back on storage systems.)