You could almost run it completely in standing room only so long as you had enough space to swing your arms around. The Dev said he made the requirement large mainly due to space needed to swing your arms around. This one was also one of the games that got me to hit my TV with the vive controller. So the 2m x 2m is really the recommended size requirement not the real minimum. I played in a slightly smaller 2m x 1.5m space since I didn't move my chair out of the play area. Basically if from center you can take about a half step in any direction you are good IMHO.
My video card started having problems right after I bought it, lol. I will start playing it again pretty soon. I got to the bow and arrow and then the game crashed or something (due to HW issues, not the game itself). :\