Loretta H. Cockrum is so confident in the office market that she is building a 600,000-square-foot office tower in the Brickell area of downtown -- without having an anchor tenant. "Miami's not much of a prelease market," says Ms. Cockrum, chief executive of Foram Group Inc., a real-estate company based in Miami. A second phase will add an upscale hotel and more office space.

For now, demand for top-notch space in downtown is still high, says Scott Sime, a managing director in Miami for CB Richard Ellis Group Inc., a commercial real-estate services firm based in Los Angeles.

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