<?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>0001235195</rptOwnerCik>
            <rptOwnerName>COLLINS J MITCHELL</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; CFO</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>16975</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-03-03</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3475</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3475</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <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 3,475 incentive restricted shares granted under the Company's 2003 Equity Incentive Plan that have not yet vested.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>J Mitchell Collins</signatureName>
        <signatureDate>2009-02-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
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X0303
4
2009-02-03
0000729237
PARKWAY PROPERTIES INC
PKY
0001235195
COLLINS J MITCHELL
ONE JACKSON PLACE, SUITE 1000
188 EAST CAPITOL STREET
JACKSON
MS
39201
0
1
0
0
Executive Vice President & CFO
Common Stock
2009-02-03
4
A
0
13500
A
16975
D
Common Stock
2008-03-03
4
A
0
3475
A
3475
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 3,475 incentive restricted shares granted under the Company's 2003 Equity Incentive Plan that have not yet vested.
J Mitchell Collins
2009-02-05