How often will the guest room be used? A Murphy bed is better for regular use IMO, but in a condo you have to ensure you can get it into the space and fasten it to the walls. A sofa bed is good if the guest room is used only occasionally, plus it can be used as a regular sofa. Cost wise a Murphy bed is going to be more expensive typically, but it will probably last longer.

I have a sofa bed, and would chose that over a Murphy bed any day. I don't know how much a Murphy bed costs, but a sofa bed costs only a couple more hundred dollars than a "regular" sofa. Plus, you get a sofa to sit on (which may be nice to have in your office anyway). The downside is that sofa beds tend to be a tad uncomfortable (the mattresses are thin), so I would get a memory foam topper to go on top of it when you have guests over.

Another option is to forgo both of those choices and just buy a very nice blow up mattress. They make thick comfortable ones, as well as ones that come with legs. A futon is another option.

A cabinet bed can be a good choice. You don't have to fasten it to the wall, is generally more comfortable than a sofa bed. Has storage for at least some of the pillows/lines and you can put things like a TV on top of it that you don't have to move off to make the bed.

Spitflower do you have an example of what you are referring to?

Sorry Spiritflower..........

There are many suppliers of cabinet beds. But this is one to give you an idea:

https://cabinetbedusa.com/

Murphy beds usually look better in the store than they do at home. You still have to leave floor space to deploy it, or have light furnitur you can move around. Ceiling fans can also be an issue.
I had one. Never again.
I'd look instead at something like the ikea Hemnes daybed that pulls out to a king bed. At least it's useful, and pretty, when not being used as a bed.

I would think a sofa bed would be more versatile in terms of placement.

A few.

I love love murphy beds. Let's face it, sofa beds are hard as a rock for a sofa and impossible to sleep on those awful mattresses. The only sofa bed worth anything is from American Leather, which is on the high end.

You get the best of both worlds with murphy beds because it has a very comfortable regular mattress which is made up before closing and saves an incredible amount of space. I specify them all the time and my favorite is Clei available from Resource Furniture. The Clei system has a beautiful sofa and the bed comes down over it. Available in different style sofas and wall units with lights and storage.

If floor space is an issue, take a look at murphy beds which come out horizontally. The projection when opened extends 70" into the room as opposed to a 90" for a vertical bed (the head at the wall). The horizontal bed is only about 67" in height and not to the ceiling, so the cabinet is not so imposing.

Another approach is to search craigslist in your area. People are always moving up from a studio and deals are to be had! The cost of a murphy bed is in the mechanism, it's very easy to have a carpenter build a cabinet around it.

https://www.clei.co.uk/clei/atoll_000.htm#

https://resourcefurniture.com/product-category/transforming-wall-beds-by-clei/

https://bredabeds.com/horizontal-urban-murphy-bed.html?gclid=Cj0KCQjwpPHoBRC3ARIsALfx-_Kq1pcwEFUX69h6XJBj0I_7P3DmWay9E0qVwQBgdY71YVGCR1j5Dm0aAuQZEALw_wcB

A third option is furnishing the room any way you want it for your office, and using a good inflatable mattress for occasional guests. You can store it away in the closet or under a bed when not needed, and plug it in and place it anywhere for guests. They are much more comfortable than sleeper sofas, last a long time, and you can take it with you when you move. You can get a good queen sized one at Costco for $150.

Sofa beds and Murphy beds are a bugger to move (extremely heavy). Buy a quality blow-up.

I want to update the furniture in my house. I'm looking for useful information!

I would go for a sofa bed. A sleeper sofa fits a guest room perfectly since they come in a variety of styles and sizes. A murphy bed folding mechanism is likely to wear out quickly, and their cost is a bit higher. On the other hand, a sofa is more reliable if you choose a model with a stable mechanism. Think of a pull-out bed as one piece of furniture, while a sofa bed combines two different pieces. It is more practical in this perspective. I've bought mine on https://paydaydeals.com.au/collections/bed-frames, and I've been pleased with my choice ever since. The sofa bed I put in my lounge room saved me money, space, and time.

I would have to agree with some of the people above on the cabinet bed. The problem with the traditional murphy bed is that it is bulky, hard to put back into the standing position, and makes the room you put it in look like a bedroom. The sofa sleeper has its own set of issues but most importantly it is not very comfortable, especially for guests. Unless you are sleeping your kids friends or younger people, I would opt for something with a mattress.

That is why the cabinet murphy bed is a great option. It is really the best of both worlds. You can buy one that matches the color and style of the rest of your furniture. The mattress is memory foam. They are fairly comfortable, I don't know if I would want to sleep on it every night but plenty sufficient for a few nights for a guest. I wound up going with the Night & Day Poppy Brushed Driftwood. Works great! Major upgrade over our previous murphy bed.