I have to say that it could work either way, it just depends on what type of dog you get, even with a lab. If you adopt an older lab from a shleter (like 4years +) there is a better chance that they would do well in the condo setting. It could still flop, but that is a better chance. Ry's parents have 2 goldens (I know it's not quite the same but still) and the older one who is about 9 just lays around most of the time. She likes it that way. She's been like that since I met him and that was 5 years ago. She gets up to see what's going on if there's a comotion, but other than that she is content to lay at someone's feet and chew a bone. Don't get me wrong, she loves her big yard, but she seems just as happy indoors. The younger one is more hyper than I care to think about and I don't know what would happen to the house if she couldn't go out twice a day for a good long run and catch with the tennis ball. She's about 3.
Of course, every dog has it's own personality too.
Long story short, smaller dog would be better, especially if you want to get a puppy.