Office Valuation - Discount Rates & Exit Cap Rates

This is probably an asset management-focused question, but all responses welcome. When valuing an existing asset (i.e. one already in the portfolio, not an acquisition) each quarter/year, how do you think about the discount rate and exit cap rate you are using? Let's say it is a 10 year DCF, what would lead you to increasing/decreasing either from one valuation period to the next? Let's say, for example, you have an office building undergoing a renovation and you plan on signing leases post-renovation at significantly higher rents. In order to offset some of the value increase due to much higher market rents, does it make sense to increase the discount rate? Or are you strictly looking at the discount rate as what a buyer would underwrite for an IRR on a 10-year hold?

Thanks