Should I shrink this SQL Server data file?
Presuming you are sure the database is not going to need the 200+ GB of extra space it is currently consuming, I would recommend performing a shrink without reorganizing pages, using TRUNCATEONLY:

DBCC SHRINKFILE (N'&lt;file name&gt;' , 0, TRUNCATEONLY);


TRUNCATEONLY simply truncates the last part of the file without moving rows inside the data file.  This is important since it will prevent logical fragmentation of tables inside the data file.  If you perform the shrink without specifying TRUNCATEONLY SQL Server will move pages around inside the file to get the smallest possible file size, thereby creating anywhere from "some" to "a lot" of fragmentation, which may adversely affect performance. Read more about this at the Books Online page for DBCC SHRINKFILE.  Thanks to @Zane for the suggestion to include these details in my answer.

Once you have performed the shrink, you may want to ensure the file growth parameters are set correctly.  For instance, ensure the file growth is not percentage based; use a number of MBs that makes sense for your expected growth rate.