You would be surprised just how easy they are to construct. Can't help you with the space requirements, of course. lol The thing is... they don't really take up that much room.... I had a friend who lived in his brother's attic, surrounded by boxes and old furniture and he managed to fit a PC in there somehow. It was quite funny watching him hunched up in the corner like Quasimodo trying to play Oblivion.
The other thing about space.... (And I know there are some who will disagree with me here)..... please tell me you aren't planning on playing this with a Hotas Joystick?