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  <p class=MsoNormal align=center style='text-align:center'><b>&nbsp;</b></p>
  
  <p class=MsoNormal align=center style='text-align:center'><b>&nbsp;</b></p>
  
  
  
  
  
  
  
  
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><b>UNITED STATES</b></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><b>SECURITIES AND EXCHANGE COMMISSION</b></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>Washington, D.C.
  20549</p>
  
  
  
  <p class=MsoNormal align=center style='text-align:center'><b><u>__________________________</u></b></p>
  
  
  
  <p class=MsoNormal align=center style='text-align:center'><b>FORM 8-K</b></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>Current Report</p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>Pursuant to Section
  13 or 15(d) of the Securities Exchange Act of 1934</p>
  
  
  
  
  
  <p class=MsoNormal align=center style='text-align:center'>Date of Report (date
  of earliest event reported):&nbsp; May 31, 2007</p>
  
  
  
  
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><b><u>PARKWAY PROPERTIES, INC</u></b><u>.</u></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>(Exact Name of
  Registrant as Specified in its Charter)</p>
  
  
  
  
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>&nbsp;</p>
  
  
  
  
  
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   style='margin-left:-.3in;border-collapse:collapse'>
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    <td width=228 valign=top style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center'><u>Maryland</u></p>
    </td>
    <td width=228 valign=top style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center'><u>1-11533</u></p>
    </td>
    <td width=180 valign=top style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center'><u>74-2123597</u></p>
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    <td width=228 valign=top style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center'>(State or Other
    Jurisdiction</p>
    </td>
    <td width=228 valign=top style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center'>(Commission File
    Number)</p>
    </td>
    <td width=180 valign=top style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center'>(IRS Employer</p>
    </td>
   </tr>
   <tr>
    <td width=228 valign=top style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center'>of Incorporation)</p>
    </td>
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    <td width=180 valign=top style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt'>
    <p class=MsoNormal align=center style='text-align:center'>Identification No.)</p>
    </td>
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  <p class=MsoNormal align=center style='margin-left:4.5pt;text-align:center; margin-top:0; margin-bottom:0'>&nbsp;</p>
  
  
  
  <p class=MsoNormal align=center style='margin-left:4.5pt;text-align:center; margin-top:0; margin-bottom:0'><u>One
  Jackson Place, Suite 1000, 188 East Capitol Street, Jackson, MS 39225-4647</u></p>
  
  <p class=MsoNormal align=center style='margin-left:4.5pt;text-align:center; margin-top:0; margin-bottom:0'>(Address
  of Principal Executive Offices, including zip code)</p>
  
  
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>&nbsp;</p>
  
  
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><u>(601) 948-4091</u></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>(Registrant's
  telephone number, including area code)</p>
  
  
  
  <p class=MsoNormal align=center style='margin-left:4.5pt;text-align:center; margin-top:0; margin-bottom:0'>&nbsp;</p>
  
  
  
  <p class=MsoNormal align=center style='margin-left:4.5pt;text-align:center; margin-top:0; margin-bottom:0'><u>Not
  Applicable</u></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>(Former name or
  former address, if changed since last report)</p>
  
  
  
  <p class=MsoNormal style='text-indent:.5in'>Check the appropriate box below if
  the Form 8-K filing is intended to simultaneously satisfy the filing obligation
  of the registrant under any of the following provisions (see General
  Instruction A.2. below):</p>
  
  
  
  <p class=MsoNormal style='margin-left:.5in;text-indent:-.5in; margin-top:0; margin-bottom:0'>&#61551;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to
  Rule 425 under the Securities Act (17 CFR 230.425)</p>
  
  <p class=MsoNormal style='margin-left:.5in;text-indent:-.5in; margin-top:0; margin-bottom:0'>&#61551;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule
  14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
  
  <p class=MsoNormal style='margin-left:.5in;text-indent:-.5in; margin-top:0; margin-bottom:0'>&#61551;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications
  pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
  
  <p class=MsoNormal style='margin-left:.5in;text-indent:-.5in; margin-top:0; margin-bottom:0'>&#61551;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications
  pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
  
  
  
  <p class=MsoFooter align=center style='text-align:center'>Page 1 of&nbsp; 3 Pages</p>
  
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  <p class=MsoNormal style='text-align:justify'><b>ITEM 1.01.&nbsp; Entry into a
  Material Definitive Agreement</b></p>
  
  <p class=MsoNormal style='text-align:justify'>On May 31, 2007, Parkway
  Properties LP, the entity through which Parkway Properties, Inc. (the &quot;Company&quot;)
  conducts substantially all of its business, entered into a Second Amendment to
  the Credit Agreement with a consortium of 10 banks with Wachovia Bank, National
  Association as Agent; PNC Bank, National Association as Syndication Agent; Bank
  of America, N. A., JPMorgan Chase Bank, N. A. and Wells Fargo Bank, National
  Association as Co-Documentation Agents; and other banks as participants. &nbsp;This
  Amendment amends certain financial covenants, including, among others, the secured
  debt to total asset value ratio, the fixed charge coverage ratio, provisions for
  additional unsecured debt outside of the facility and modifications to certain
  definitions associated with covenant calculations.</p>
  
  
  
  <p class=MsoNormal style='text-align:justify'>The foregoing summary does not
  purport to be complete and is qualified in its entirety by reference to the Second
  Amendment to the Credit Agreement, a copy of which is filed as Exhibit 10.3 to this
  Form 8-K.&nbsp; This Amendment gives the Company increased flexibility toward
  achieving its long-term management objectives.</p>
  
  
  
  <p class=MsoNormal><b>ITEM 9.01.&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits</b></p>
  
  
  
  <p class=MsoNormal>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.</p>
  
  
  
  <p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.5in'>10.1&nbsp;&nbsp;&nbsp;&nbsp; First
  Amended and Restated Credit Agreement by and among Parkway Properties LP;
  Wachovia Bank, National Association, as Agent; PNC Bank, National Association,
  as Syndication Agent; Bank of America, N.A., JPMorgan Chase Bank, N.A., and
  Wells Fargo Bank, National Association, as Co-Documentation Agents and the
  Lenders identified therein dated April 27, 2006 (incorporated by reference to
  Exhibit 10 to the Company's Form 8-K filed April 28, 2006).</p>
  
  
  
  <p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.5in'>10.2&nbsp;&nbsp;&nbsp;&nbsp; First
  Amendment to Credit Agreement among Parkway Properties, LP as Borrower; 111
  Capitol Building Limited Partnership, Parkway Jackson, LLC, Parkway Lamar LLC,
  Parkway Properties, Inc. and Parkway Properties General Partners, Inc.
  collectively as Guarantors; Wachovia Bank, National Association as Agent;
  Wachovia Capital Markets, LLC as Sole Lead Arranger and Sole Book Runner; and
  the Lenders identified therein dated as of December 19, 2006 (incorporated by
  reference to Exhibit 10 to the Company's Form 8-K filed December 20, 2006).</p>
  
  
  
  <p class=MsoNormal style='margin-left:.5in;text-align:justify;text-indent:-.5in'>10.3&nbsp;&nbsp;&nbsp;&nbsp; Second
  Amendment to Credit Agreement among Parkway Properties, LP as Borrower; 111
  Capitol Building Limited Partnership, Parkway Jackson, LLC, Parkway Lamar LLC,
  Parkway Properties, Inc. and Parkway Properties General Partners, Inc.
  collectively as Guarantors; Wachovia Bank, National Association as Agent;
  Wachovia Capital Markets, LLC as Sole Lead Arranger and Sole Book Runner; and
  the Lenders identified therein dated as of May 31, 2007 (filed herewith).</p>
  
  
  
  <p class=MsoFooter align=center style='text-align:center'>Page 2 of&nbsp; 3 Pages</p>
  
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  <p class=MsoNormal align=center style='text-align:center'><b>SIGNATURES</b></p>
  
  
  
  <p class=MsoNormal style='text-align:justify;text-indent:.5in'>Pursuant to the
  requirements of the Securities Exchange Act of 1934, the registrant has duly
  caused this report to be signed on its behalf by the undersigned hereunto duly
  authorized.</p>
  
  
  
  <p class=MsoNormal>Date:&nbsp;&nbsp;&nbsp; May 31, 2007</p>
  
  <p class=MsoNormal style='text-indent:3.0in'>PARKWAY PROPERTIES, INC.</p>
  
  
  
  
  
  <p class=MsoNormal style='margin-left:3.25in; margin-top:0; margin-bottom:0'>By: &nbsp;&nbsp; <u>/s/Mandy M. Pope&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
  
  <p class=MsoNormal style='margin-left:3.5in; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Mandy M. Pope</p>
  
  <p class=MsoFooter align=center style='text-align:center; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief
  Accounting Officer Page 3 of 4 Pages</p>
  
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metadata_filer: {"company-data": {"conformed-name": "PARKWAY PROPERTIES INC", "cik": "0000729237", "assigned-sic": "6798", "irs-number": "742123597", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-11533", "film-number": "07890701"}, "business-address": {"street1": "ONE JACKSON PL", "street2": "188 E CAPITOL ST STE 1000", "city": "JACKSON", "state": "MS", "zip": "39225-4647", "phone": "6019484091"}, "mail-address": {"street1": "ONE JACKSON PL P O BOX 24647", "street2": "188 E CAPITOL ST STE 1000", "city": "JACKSON", "state": "MS", "zip": "39225"}, "former-company": {"former-conformed-name": "PARKWAY CO", "date-changed": "19951018"}}
text: SECURITIES AND EXCHANGE COMMISSION
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C.
  20549
  __________________________
  FORM 8-K
  Current Report
  Pursuant to Section
  13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (date
  of earliest event reported):  May 31, 2007
  PARKWAY PROPERTIES, INC
  .
  (Exact Name of
  Registrant as Specified in its Charter)
  Maryland
  1-11533
  74-2123597
  (State or Other
    Jurisdiction
  (Commission File
    Number)
  (IRS Employer
  of Incorporation)
  Identification No.)
  One
  Jackson Place, Suite 1000, 188 East Capitol Street, Jackson, MS 39225-4647
  (Address
  of Principal Executive Offices, including zip code)
  (601) 948-4091
  (Registrant's
  telephone number, including area code)
  Not
  Applicable
  (Former name or
  former address, if changed since last report)
  Check the appropriate box below if
  the Form 8-K filing is intended to simultaneously satisfy the filing obligation
  of the registrant under any of the following provisions (see General
  Instruction A.2. below):
         Written communications pursuant to
  Rule 425 under the Securities Act (17 CFR 230.425)
         Soliciting material pursuant to Rule
  14a-12 under the Exchange Act (17 CFR 240.14a-12)
         Pre-commencement communications
  pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
         Pre-commencement communications
  pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Page 1 of  3 Pages
  ITEM 1.01.  Entry into a
  Material Definitive Agreement
  On May 31, 2007, Parkway
  Properties LP, the entity through which Parkway Properties, Inc. (the "Company")
  conducts substantially all of its business, entered into a Second Amendment to
  the Credit Agreement with a consortium of 10 banks with Wachovia Bank, National
  Association as Agent; PNC Bank, National Association as Syndication Agent; Bank
  of America, N. A., JPMorgan Chase Bank, N. A. and Wells Fargo Bank, National
  Association as Co-Documentation Agents; and other banks as participants.  This
  Amendment amends certain financial covenants, including, among others, the secured
  debt to total asset value ratio, the fixed charge coverage ratio, provisions for
  additional unsecured debt outside of the facility and modifications to certain
  definitions associated with covenant calculations.
  The foregoing summary does not
  purport to be complete and is qualified in its entirety by reference to the Second
  Amendment to the Credit Agreement, a copy of which is filed as Exhibit 10.3 to this
  Form 8-K.  This Amendment gives the Company increased flexibility toward
  achieving its long-term management objectives.
  ITEM 9.01.     Financial Statements and Exhibits
  (d)        Exhibits.
  10.1     First
  Amended and Restated Credit Agreement by and among Parkway Properties LP;
  Wachovia Bank, National Association, as Agent; PNC Bank, National Association,
  as Syndication Agent; Bank of America, N.A., JPMorgan Chase Bank, N.A., and
  Wells Fargo Bank, National Association, as Co-Documentation Agents and the
  Lenders identified therein dated April 27, 2006 (incorporated by reference to
  Exhibit 10 to the Company's Form 8-K filed April 28, 2006).
  10.2     First
  Amendment to Credit Agreement among Parkway Properties, LP as Borrower; 111
  Capitol Building Limited Partnership, Parkway Jackson, LLC, Parkway Lamar LLC,
  Parkway Properties, Inc. and Parkway Properties General Partners, Inc.
  collectively as Guarantors; Wachovia Bank, National Association as Agent;
  Wachovia Capital Markets, LLC as Sole Lead Arranger and Sole Book Runner; and
  the Lenders identified therein dated as of December 19, 2006 (incorporated by
  reference to Exhibit 10 to the Company's Form 8-K filed December 20, 2006).
  10.3     Second
  Amendment to Credit Agreement among Parkway Properties, LP as Borrower; 111
  Capitol Building Limited Partnership, Parkway Jackson, LLC, Parkway Lamar LLC,
  Parkway Properties, Inc. and Parkway Properties General Partners, Inc.
  collectively as Guarantors; Wachovia Bank, National Association as Agent;
  Wachovia Capital Markets, LLC as Sole Lead Arranger and Sole Book Runner; and
  the Lenders identified therein dated as of May 31, 2007 (filed herewith).
  Page 2 of  3 Pages
  SIGNATURES
  Pursuant to the
  requirements of the Securities Exchange Act of 1934, the registrant has duly
  caused this report to be signed on its behalf by the undersigned hereunto duly
  authorized.
  Date:    May 31, 2007
  PARKWAY PROPERTIES, INC.
  By:
  /s/Mandy M. Pope
  Mandy M. Pope
  Chief
  Accounting Officer Page 3 of 4 Pages