run it as xlsb (binary) to minimise the size, clear unused styles and reset last used column / row. not sure what else can be done apart from reducing chunk size on the harddisk
I use ASAP utilities, its free but you can pay for it and to support the company I did, they have routines, although there are many scripts to do the same thing on the web
Pressing Ctrl-End will take you to the last in-use cell. Deleting every empty column to the left of that and every row above it, then saving the worksheet, will do that.
Do note that xlsx and xlsm files are already zipped. Saving xls files in the xlsx or xlsm format, as appropriate, may reduce their size.
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