There are a number of algorithms in the book for explicitly constructing this
On page $28$ you have algorithm $4.5$. Your question is how is finding matrix $Q$ a good approximaton of the column space. Given an $ m \times n$ matrix $A$ and an integer $l$ this computes an $m \times l$ orthonormal matrix $Q$ whose range approximates the range of $A$
- Draw an $n \times l $ SRFT test matrix $\Omega $ which is defined in $4.6 $
- Form the $m \times l$ matrix $Y = A \Omega $ using a (subsampled) FFT
- Construct an $ m \times l$ matrix $Q$ whose columns form an orthonorml basis for the range $Y$ e.g. using the $QR$ factorization.
So you generate this SFRT matrix, which is partly a Fourier matrix. Then you sample the original matrix $A$. This is how you get the column space of $A$. Then you take the reduced $QR$ decomposition and return the $Q$ matrix. So you would have $Q_{m \times l}$
Why would this be a good approximation? Well $ Y = A \Omega $ and we took $QR = Y$ right. All we did is a take a random matrix and form a bunch of random projections into its subspace using $\Omega$ then take this matrix $Q$ by using Gram Schmidt.
This paper is like $80$ pages long but there is actually analytical bounds on how approximate you get. It also depends on the method.