Note: Being able to edit the Google Analytics account is the 2nd highest permission level. You need this if you want to create a new web property in Google Analytics.
To grant permissions to another user you will need the highest permission level yourself: being able to manage users on the account.
1. In the Google Analytics account that you want to change, select the Admin cog on the bottom left-hand side.
2. Select User Management in the left-hand column.
3. If you want to give edit permission to an existing user, just click on the user and make sure that the edit checkbox is checked. Click on SAVE.
If you want to add a new user, make sure that the email that you are adding is a Google email.
4. To add a new user in the top right corner please click the ' + ' sign, and click on Add new users.
5. Once you've done that, enter the user's email information and check the edit permissions checkbox. Click on ADD.
To check if it is working
Your colleague should now be able to see a Create Property button above the middle column in the admin page.
Your permissions are all set up now!