Commercial property blowing up?

I was driving through Lonehill, Fourways and Roodepoort recently and it is quite interesting to see the number of auction signs that are outside the commercial property developments. A lot of these are these trendy "strip-mall" type setups but also these smaller office complexes.

What I find interesting though is that while the developers are in trouble the tenants don't appear to be closing up shop - does this mean that the developers themselves are so far over-geared that the rental they were getting from the tenants was not covering their costs? That seems odd...

Or is it more a case that the tenants are the problem and simply paying later than they should be?

Anyone an expert on commercial property in South Africa and able to comment?