This space is so airy and inviting, it looks like a perfect place to just sit down with a group of friends and hang out. The skylights and vaulted ceiling do a lot to give the room that airy feeling, and keep the space from feeling too closed in.
To really achieve this look, you need to start with white or very light walls, this will let the color you choose stand out and become the focal point in the space and will help the room achieve that light and bright feeling. For the larger pieces of furniture, unless what you already have are white/off white, you will need to slipcover them either white or off white (which is really more kid and pet-friendly that you might think). Then it's time for the fun! If it's in your budget, purchase a chair or two in a solid color of your choice, keep in mind this is color the rest of the room will be based on. I encourage you to step out of your comfort zone a bit and find something that maybe you feel is a little bright or bold. If new chairs are not in the budget, a slipcover in the color of your choice, or even a nice throw blanket folded and draped over the back and seat of the chair can work wonders, at little expense.
A striped area rug in white and your color pull the entire space together. Add in throw pillows on the couches that contain your color, in a couple of different patterns, and a white pillow on the chair, give all the furniture a put-together and cohesive look. Place your furniture around a large, dark wood coffee table, and now you have a place to sit down a drink, or gather around and play a game. Keeping the window coverings minimal or light, will allow lots of light to come in and keep the space from feeling too closed in.
If this was your space, what color would you choose?