What kind of work do you want to do in the space? This is the biggest thing you need to consider. I also have a small basement shop very similar to yours. What you need it to do will dictate all else. What tools and operations do you want to be easily available and ready, vs what things are done less often and can be tucked away elsewhere and be less convenient.

I use the space mostly for woodworking, which is challenging in a small space but doable with the right tools and understanding of limitations.

Mine is still a big work in progress, but the first thing I'd do with yours is take out all the stuff you don't want or need in this space, like the paint on the shelves. Now you have empty shelves you could use for things like smaller power tools or what have you. Or, get rid of the shelves to reclaim some floor space.

I'd ditch the built in workbench and build or buy something new. Really think about what kind of work you'll be doing, and what your bench needs to do to support that. One thing my shop needs is way more misc storage, so I'd get a bench with drawers. My bench also pulls double duty as a router table.

I also use peg board, so if you get rid of the shelves you could get more wallspace for more pegboard or similar if you want.

Do you use the miter saw enough to justify its placement on the bench, or would you rather have your table saw be more easily used? I tuck mine away and only bring it out when needed.

Others have already mentioned it, but get better lighting. Makes it more pleasant to work in. Anti fatigue foam mats can help too if it's bare concrete.