Both are somewhat different concepts.
In my basement I painted the cinder block walls with white waterproof paint, the floor with gray epoxy paint, hung some 8 foot florescent lights, shelfs, a table (like they throw wrestlers thru) and a small refigerator to limit trips up the stairs.
Then a 8 foot peg board on one wall, a dedicated eletrical outlet for the air compressor, a small AC unit in one wall, a Handy lift for my bike, a No Mar tire changer, a TV and lounge chair, my boxing equipment, speed bag, heavy bag and striking bag.
Washer and dryer had to stay due to no where else to put them.
And this is ALL in the back 1/3 of my basement. The front 2/3rds is for parking the 4 wheel vehicles and is seperated by a wall.