Falkirk Council says it aims to make the most of the 678 commercial properties it currently lets out.
The properties bring the council an annual rental income of around £3.5 million - but more could be done to raise that figure, councillors were told on Tuesday.
They agreed to introduce a new strategy for properties, focusing on gradually improving the standards of all commercial properties to make them more energy efficient, accessible and fit for business needs.
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Councillors heard that the council's property portfolio, including shops, offices and business units such as Abbotsford Business Park, allows them to support employment and business growth in the Falkirk area.
A report to members told them that implementing the new strategy would mean that rental income could be increased by approximately £750,000 during the period of the strategy.
Supporting the introduction of the strategy, Councillor Gary Bouse said: "Good quality commercial units will assist and attract businesses - you attract businesses, you attract jobs for our people."
He particularly welcomed the work that is being done to make property more energy efficient and targets to increase revenue from the portfolio.
Paul Kettrick, head of Invest Falkirk, said that there would be more working with tenants to improve properties, offering rent freezes or lower rents in return for improvements being made.
He said that around 95 per cent of the council's properties are currently let, but added that is an "ageing portfolio that has been built over many years and there is now a requirement for us to start looking at the investment in them."
Under most lease terms, tenants are responsible for the repair and upkeep of properties, so much of the work will be done when units become vacant.
Mr Kettrick said: "We are now at the stage when units become vacant, we have to intervene and undertake works to make them more sustainable and more accessible, those type of things."
He said the new strategy would see the council taking a more commercial approach to its rental portfolio and hoped it would help reduce the time units are lying empty ensure that rents are being set at the market value.
