\documentclass{article}
\usepackage{enumitem}
\begin{document}
Less space:
\begin{itemize}[noitemsep]
\item foo
\item bar
\item baz
\end{itemize}
Even more compact:
\begin{itemize}[noitemsep,nolistsep]
\item foo
\item bar
\item baz
\end{itemize}
\end{document}
\usepackage{paralist}
...
\begin{compactitem}[$\bullet$]
\item Element 1
\item Element 2
\end{compactitem}
\vspace{\baselineskip} % new line after list