Unless you have some equipment that can not take much input tolerance in which case you need some kind of power conditioning to ensure the input stays within a specific range, the most common practice I generally see is to have no load supply voltage on the high side maybe 5% or so, so that when voltage drops because of load on the source it hopefully doesn't drop much below what is the true nominal voltage and you can still add some voltage drop for the circuit length and still be within acceptable tolerances.
Around here a 208 volt nominal system usually has a no load voltage of about 215 volts. Your 208 volt motors should be able to handle anything between about 190 and 225 with out any problems, but most would rather see it a little high instead of a little low.