The existing SteamVR tracking system supports rooms up to 13-by-13 feet, but that’ll grow significantly with SteamVR Tracking 2.0. When that update arrives, the system will work with spaces as large as 33-by-33 feet. Support is rolling out early next year.
In order to operate in rooms that large, four trackers will be required instead of two. Once you have the required hardware, you’ll gain a lot more freedom of movement than you’d typically have.
Moving forward, Valve is interested in supporting even more trackers and therefore larger spaces, but it hasn’t said when further upgrades will be made.