Not in the traditional sense, no. You can zip the file if you have a zip program, but you'd need to unzip it for use. The only way to streamline your workbooks is to make it streamlined yourself. Is there a specific issue here you're looking at?
Access databases accumulate blank space as records are deleted . Excel workbooks are different because the entire file is rewritten whenever you Save it, compared to Access which simply adds new records to the end of the database.
It is possible to compress excel workbooks if you have them stored on a NTFS volume. NTFS support compressed files where the file is compressed and uncompressed automatically as needed and is invisible to the user.
Right-click the file in Windows Explorer, click Properties, click the Advanced button, and tick the Compress Contents checkbox. Click Ok to get out, and it's done. You can see how much space is being used compared to the actual file size in that same Properties window.
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