<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2009-02-03</periodOfReport>

    <issuer>
        <issuerCik>0000729237</issuerCik>
        <issuerName>PARKWAY PROPERTIES INC</issuerName>
        <issuerTradingSymbol>PKY</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001326373</rptOwnerCik>
            <rptOwnerName>Flatt William R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>ONE JACKSON PLACE, SUITE 1000</rptOwnerStreet1>
            <rptOwnerStreet2>188 EAST CAPITOL STREET</rptOwnerStreet2>
            <rptOwnerCity>JACKSON</rptOwnerCity>
            <rptOwnerState>MS</rptOwnerState>
            <rptOwnerZipCode>39201</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Executive Vice President &amp; COO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2009-02-03</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>13500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>33714</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Options</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>30.125</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <value>2010-05-30</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2094</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2094</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Options</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>33.65</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <value>2011-07-22</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">On February 3, 2009, the Compensation Committee approved this award of restricted shares pursuant to the Company's 2003 Equity Incentive Plan. These restricted shares will be earned upon satisfaction of certain performance goals established by the Compensation Committee with respect to 2009, and if earned, will vest 25% in January 2010, 25% in 2011, 25% in 2012 and 25% in 2013.</footnote>
        <footnote id="F2">The Reporting Person's direct beneficial ownership includes an additional 15,000 incentive restricted shares granted under the Company's 2003 Equity Incentive Plan that have not yet vested.</footnote>
        <footnote id="F3">Includes an additional 116.467 shares acquired by the Reporting Person as a result of certain purchases and the reinvestment of dividends pursuant to the Company's Employee Stock Purchase Plan. These transactions are exempt from Section 16(a) of the Securities Exchange Act pursuant to Rule 16a-3(f)(1)(i)(B).</footnote>
        <footnote id="F4">All of the options are currently exercisable.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>William R Flatt</signatureName>
        <signatureDate>2009-02-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
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X0303
4
2009-02-03
0000729237
PARKWAY PROPERTIES INC
PKY
0001326373
Flatt William R
ONE JACKSON PLACE, SUITE 1000
188 EAST CAPITOL STREET
JACKSON
MS
39201
0
1
0
0
Executive Vice President & COO
Common Stock
2009-02-03
4
A
0
13500
A
33714
D
Stock Options
30.125
2010-05-30
Common Stock
2094
2094
D
Stock Options
33.65
2011-07-22
Common Stock
2500
2500
D
On February 3, 2009, the Compensation Committee approved this award of restricted shares pursuant to the Company's 2003 Equity Incentive Plan. These restricted shares will be earned upon satisfaction of certain performance goals established by the Compensation Committee with respect to 2009, and if earned, will vest 25% in January 2010, 25% in 2011, 25% in 2012 and 25% in 2013.
The Reporting Person's direct beneficial ownership includes an additional 15,000 incentive restricted shares granted under the Company's 2003 Equity Incentive Plan that have not yet vested.
Includes an additional 116.467 shares acquired by the Reporting Person as a result of certain purchases and the reinvestment of dividends pursuant to the Company's Employee Stock Purchase Plan. These transactions are exempt from Section 16(a) of the Securities Exchange Act pursuant to Rule 16a-3(f)(1)(i)(B).
All of the options are currently exercisable.
William R Flatt
2009-02-05