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

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2009-05-14</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001222019</rptOwnerCik>
            <rptOwnerName>LIPSEY MICHAEL J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>237 NORTH HUNTCLUB BOULEVARD</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 101</rptOwnerStreet2>
            <rptOwnerCity>LONGWOOD</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>32779</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2009-05-14</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>600</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>600</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5359</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Lipsey Real Estate Fund</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Annual retainer share award pursuant to the 2001 Non-Employee Directors Equity Compensation Plan, as amended.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Sarah P Clark, Attorney in fact for  Michael J Lipsey</signatureName>
        <signatureDate>2009-05-15</signatureDate>
    </ownerSignature>
</ownershipDocument>
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X0303
4
2009-05-14
0000729237
PARKWAY PROPERTIES INC
PKY
0001222019
LIPSEY MICHAEL J
237 NORTH HUNTCLUB BOULEVARD
SUITE 101
LONGWOOD
FL
32779
1
0
0
0
Common Stock
2009-05-14
4
A
0
600
A
600
D
Common Stock
5359
I
By Lipsey Real Estate Fund
Annual retainer share award pursuant to the 2001 Non-Employee Directors Equity Compensation Plan, as amended.
Sarah P Clark, Attorney in fact for  Michael J Lipsey
2009-05-15