Buildings deteriorate for various reasons which include age, overcapacity, and lack of planning and preventative maintenance. Facility Condition Assessments (FCAs) are used to measure this deterioration with the aim of collecting data to determine the requirement and timing of preventative or remedial action to assess and maintain the desired level of service (Lee and Aktan, 1997). Maintaining a building is vital to keep it performing and functioning throughout its lifecycle but sometimes may not occur due to lack of funds or mismanagement. FCAs are resource intensive, subjective, time-consuming, and costly, however, the importance of the FCA in the asset management process is integral to the overall performance of buildings. Utilizing the Delphi Technique, the research aimed at identifying the current state of practice in the industry with regards to the data collected and analyzed during the FCA process, in comparison to what the literature states should be practice. Additionally, the research explored the Facilities Condition Index (FCI) as a metric to identify its computation and use in the asset management process. The assessment of the current standard of practice revealed that there is currently no established assessment methodology for data collection and the lack of proper categorization of the assets within a building hampers the frequent and widespread use of specific performance metrics within the industry. The FCI is a generalized metric and an industry preferred metric that quantifies levels of condition across a Facility. However, its computation differs from organization to organization rendering the reporting inconsistent, especially when FCAs are carried out by different consulting firms on the same campus. Respondents in the survey were in agreement that the FCI is therefore not a realistic benchmarking tool. This research is significant in that it highlights the gaps in the industry and creates a foundation for future research which may begin the exploration of setting acceptable levels of achievement or standards. Future standards will aid facility managers and building owners with applications for standard FCA procedures. The study also sets a basis for exploration of setting a standard formula for the FCI to facilitate benchmarking. It is through benchmarking that best practices can be realized which then facilitate continuous improvement.