Over the past two decades a number of methodologies have been developed to efficiently evaluate seismic performance of existing buildings, which are briefly reviewed here. Building upon previous methodologies and experience using them as well as new lessons learned from earthquakes, FEMA-356 Prestandard and Commentary for the Seismic Rehabilitation of Buildings, is the latest method which is reviewed in some what more in depth in this paper. FEMA-356 methodology uses performance-based engineering concept and provides the user with means to evaluate buildings for various rehabilitation objectives. Rehabilitation objectives are based on building performance levels - such as collapse prevention, life safety, immediate occupancy, and operational levels - and earthquake hazard levels. The methodology addresses building performance according to the performance of both the building structural elements and as well as nonstructural components. The structural elements and components are grouped to primary and secondary components. The primary components are those that provide the capacity of structure to resist collapse and secondary components are all other components that affect the lateral stiffness or distribution of forces in the structure. The primary and secondary components are evaluate dusing different acceptance. The hazard may be defined via published hazard maps and standard response spectrum fOTIns or via site-specific earthquake hazard assessment. The application of the FEMA-356 is demonstrated here by evaluating an existing concrete frame with steel roof building.