I don't think you will want to go smaller than 72". If you always have 8 sitting at the table, you will need the space. However, if 8 person seating is not for every-day use, there are circular tables that can have a leaf inserted to become oblong for special occasions. The table would usually be a smaller circle unless the leaf was inserted.

This is the specification for a pedestal round table. it shows dimensions and appropriate seating arrangements per the size of the table: http://search.kravet.com/p4dbimg/400/images/f_10568.pdf

Thank you Holly! Although, I'm having trouble finding a round 8 seater! Do you think round is the way to go with a small square space like ours?

I think a round table is very unique and will fit the space well.

We have a very similar space and actually have a 60" square table that can seat 8. I usually leave 6 chairs for everyday use (it can get a little crowded) but 8 can fit for sure when needed. I have toyed with going to a round one also but for now, the square has been great.

Round seems the best way to go. We are in the same boat at our home. Is there room for a slim "bench" seat under a window? Also - a couple corner stools (like traditional bar stools with adjusted height to fit the table height) could provide extra seating for friends and fam to snuggle into the round table. (When not in use - we set potted ferns on top) We always manage to squeeze a few more into the circle. Those Knights had a good reason for being "of the Round Table!" :)

Thank you everyone for you responses! On to find a great round table for the 8 of us that won't break the bank!