BUSINESS PARK NEW FEATURE OF GATEWAY.

Valencia Corporate Point, a big campus-style business park that sprawls over nine acres near Interstate 5 and Highway 126, is one of the newest components of the huge Valencia Gateway commercial, industrial, retail and residential project.

It is also one of the loneliest.

Corporate Point's vacancy rate is 83 percent.

But neither the area's master developer, The Newhall Land and Farming Company, nor CB Richard Ellis, which is marketing the space, is put off by such a high number.

Officials at both of the companies say the 4,500-acre Gateway remains one of the hottest submarkets in the San Fernando Valley area and they expect the vacancy rate to fall even though there is concern that a war and recession will batter the economy.

``From my perspective, we're seeing a lot of activity and I'm not sure what the reason is in light of the recent events,'' said Doug Marlow, a senior vice president at CB Richard Ellis' office in Glendale.

Marlow specializes in commercial property at the Gateway and notes that overall the vacancy rate is about 17 percent, most of it attributed to Corporate Point.

Discussions are under way that could end up with much of that space being taken before year's end and he expects the vacancy rate to be in the single-digit range next year.

The area is attractive because it is in a safe community with a high-quality work force with a variety of housing options, Marlow said.

Currently 40,000 people work in 1,200 businesses at the Gateway, according to Newhall Land. The numbers add up to this being the largest master-planned facility for business, technology and industry in Los Angeles County.

Here's a look at the four major elements.

--The I-5/Highway 126 component featuring Valencia Corporate Point and Valencia Corporate Plaza.

The former is an 180,000-square-foot campus-style complex of three, two-story buildings on 9 acres. In June, Exp(at)nets, a networks communications company based in Englewood, Colo., leased 30,000 square feet, leaving 150,000 square feet still available.

That's a vacancy rate of 83 percent.

Corporate Plaza consists of a two-building complex of 140,000 square feet. Here the vacancy rate is 5 percent, with the bulk of the space taken by Los Angeles County government offices.

--Valencia Corporate Center includes Tourney Pointe and Valencia Executive Plaza. Tourney Pointe is a 219,000-square-foot development with a vacancy rate of 40 percent.

The executive plaza is much smaller, 46,500 square feet, with a vacancy rate of 6.5 percent.

--Valencia Town Center/Valencia Boulevard have the smallest vacancy rates at 4.1 percent and 2.9 percent, respectively. Town Center features 395,000 square feet of space in four office buildings. This section also features the Hyatt Valencia Hotel and Santa Clarita Conference Center.

The Valencia Boulevard sector has eight office buildings and 330,000 square feet of space. Only 9,577 square feet are vacant.

--The Valencia Industrial Center has nine buildings and 450,000 square feet of space. The vacancy rate is 13.5 percent.

The entire complex is home to a diverse mix of companies including entertainment, aerospace and biotechnology, said Marlee Lauffer, vice president of marketing at Newhall Land.

The numbers add to the residential, commercial, industrial and retail components being a pretty good mix.

``The community of Valencia has 45,000 residents and we have 45,000 jobs. We have three jobs for every house we built,'' Lauffer said.