An adjustable lally column apparatus is described that has a first end portion and an opposed second end portion. A cap plate has a first side and an opposed second side that is adapted to connect to a beam. The cap plate includes a selective retention mechanism. An adjustment mechanism connects to the second end portion of the column. The adjustment mechanism includes a base plate that is adapted to be positioned on a floor. The adjustable column has a first position wherein the cap plate is connected to the first end portion of the column and beam and the column is suspended from the beam. The adjustable column has a second position wherein the adjustment mechanism provides an adjustable load-bearing interface between the floor and a terminal end of the second end portion of the column. The adjustment mechanism adjusts to extend between the suspended column and the floor to place the column in a load bearing position between the beam and floor. A method of adjusting a column includes providing a column, a cap plate and an adjustment mechanism. The adjustment mechanism connects to a second end portion of the column. The column is raised and a first portion of the column and the cap plate are connected to a beam. The column is then freely suspending from the beam. The height of the adjustment mechanism is adjusted such that the suspended adjustable column is moved between the suspended position and a load bearing position.