Ten ft. is a common length for the frame and one end can be put fairly close to a wall. You have to be able to walk around it, so obviously, you wouldn't want it in a ten ft. room. In terms of depth, the frame is maybe 2.5ft. in depth, and you need work room on both sides, I'd say at least another 3 ft. So, you're looking at a minimum footprint of maybe 13 x 9.
You are correct - they do take up a lot of room. The other thing you need a lot of, IMO, is light, so although a basement might seem to be the ideal place for one, consider how you are going to provide the light.