In Turkey, majority of industrial facilities are composed of precast buildings. However, precast buildings have suffered extensive damage during Kocaeli and Duzce (1999) and Adana-Ceyhan (1998) earthquakes. Therefore, in this study, fragilities of existing building stock and damage probabilities of precast buildings were studied. For this purpose, building inventories were prepared and variation of structural parameters was determined by investigating the design project of 65 precast buildings constructed in Denizli, Turkey. Twelve analysis models which reflect the stiffness, strength and ductility properties of building inventory were constructed. After the definition of strain based displacement limits and corresponding damage states for buildings, displacement demands were calculated by using non linear time history analysis. During the analyses 360 strong ground motion records were used. Exceedence ratios of concerned damage limits was calculated by checking the displacement demands and then PGV based fragility curves were constructed. Efficiency of strength, stiffness and ductility properties of existing precast buildings were investigated by comparing the fragility curves. The results have shown that the most effective parameters that govern the damage probabilities of precast buildings are stiffness and ductility. It was also stated that the results of fragility analysis and damage and failure observations performed after Kocaeli and Duzce Earthquakes are compatible.