When you say 'sub-panel', it may be confusing. A step-down transformer fed from the service entrance, that in turn feeds 208/120 to a panel is not a sub-panel. In that case the first panel off the transformer is not a usual 'sub-panel' but a fed from a separately derived source (the transformer).
You mentioned 208/120 in an 'industrial building', so I think the building service is not 208/120 directly but may be a higher voltage and you have a step-down transformer inside the building.
In that case, the ground/neutral *should* be bonded in the first panel after the transformer.
Now, any other panels fed from the first panel after the step-down transformer are true 'sub-panels' and thus should not have the ground and neutral bonded.
So just to be clear here, are you talking about a true 'sub-panel', or the first panel downstream of a step-down transformer?
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