Tons of large buildings are older than you'd think. Hell, a lot of large buildings don't even get serious structural inspections until they're 40+ years old!

It was one of many contributing factors to the Champlain Towers South building collapsing in the US in Florida. No communism or Soviet corner cutting. Just good ol' fashioned American ineptitude. That building was undergoing some work so they could raise prices. It wasn't a low class building nor did many people think it was too old to invest in.

What OP said is extremely likely to be true: Those buildings are competative.