I recently put together such a lab in a room in my office space.
Electronic equipment depends completely on what kind of work you're doing: digital, analog, high-speed, low-signal, RF, etc. So it's hard to answer that question.
Pretty much everything, however, needs some basics: ESD protection, furniture, lighting, storage.
Install a conductive tile floor. Most vendors for this stuff prefer to work on whole buildings; finding someone to do a single room took a bit of looking. I ended up buying the tiles myself (from StaticWorx
, from their odd lots selection at about $3/sqft) and hiring one of the big company's installers to moonlight over a weekend.
Other folks have talked about grounding. It's just as important as they say. Most electricians who do commercial work will understand how to get this right.
Get one or two heavy duty lab benches with anti-static surfaces and shelves above the bench. It's a little detail, but I recommend bullnose fronts instead of square, to make chipping and other damage less likely. Benches should be 36" deep if you have the room, so you can have relatively deep equipment on the bench and still have room to work in front of it.
You should be able to get behind the bench to fuss with cabling and such (and to vacuum... dust accumulates like nobodys business if you have your test equipment pushed all the way back to the wall behind it).
I have a couple of anti-static lab chairs: conductive fabric, little chain to connect to the anti-static floor.
I also have a big folding table that I unfold when I need to lay out a bunch of stuff and reorganize it.
This is really important. You can't have too much. I have a bunch of 4-bulb T-8 fluorescent fixtures on the ceiling (in several groups with different switches, so it doesn't have to be that bright all the time).
I also have a big magnifying lamp, and a big stereo microscope, although I'm still looking for a good solution for lighting on the microscope.
I have a bunch of little drawer cabinets. Most aren't anti-static, so I have a lot of stuff in conductive foam. It's a trede-off: anti-static is safe, but it's opaque, but clear drawers are a lot easier to work with (and cheaper). A lot of stuff (machine screws, switches, resistors) doesn't need anti-static.
I also have a bunch of open shelves filled with Akro-Mils plastic bins. These are great for storing miscellaneous stuff like multimeters, tools, small project pieces, larger components, etc. They come in many colors, which I've never figured out how to use effectively as an organizing scheme. I try to keep everything loose in one of these bins so it's easy to put a bunch of bins on the shelf to make room fo a project.
I do a fair amount of work with surface-mount devices, and I struggled with how to store them. It's a nuisance to handle the devices in cut tape form: the tape is bulky and springy and clumsy, and it's a pain to get devices out of it one at a time. Once extracted, the devices are way too small to make effective use of drawer cabinets: it's like storing grains of sand. But then I found these nice little (conductive) aluminum canisters at American Science & Surplus
, and they're great: about an inch in diameter, glass window in lid, and stored 20 to small aluminum box the size of a small book. I now have a bunch of those "books".
Someone suggested getting a bunch of cheap multimeters; this is a great idea. $5/each from Harbor Freight (or free sometimes with a coupon). An extra cheap oscillosope isn't a bad idea, either--an old Tek 465 is cheap on eBay and very quick to use.
Lots of power outlets:
I ended up bolting a ton of cheap power strips all over the benches, because there are so many things that need power. And because so many of them use power bricks, it's important to have plenty of access around the power strips--they can't be mounted under a shelf or in a corner.
Lots of USB:
I also mounted a lot of easily accessible USB hubs (and some Ethernet) to accommodate the many devices that connect by one or the other. I really don't like crawlng around to mess with cables.
Articulated monitor mounts:
Most of the time, I don't need to interact with the computer. It's nice to be abe to push the monitor(s) out of the way (and hang the keyboard/mouse out of the way, too)