I get an error message when trying to transfer ownership to a collaborator with admin status. Any ideas about the best way to transfer ownership of the sheet? I may need to transfer ownership of the workspace down the line.
If your colleague is an admin of the workspace, they can move the sheet to a new/temporary workspace that they are the owner of (and you are not an admin of). This should prompt them to become the owner of the sheet.
They can then move back to the original workspace if needed.