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  <div style='page:Section1;'>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'><b><font style="font-size: 18.0pt">&nbsp;</font></b></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'><b><font style="font-size: 18.0pt">&nbsp;</font></b></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'><b><font style="font-size: 18.0pt">UNITED STATES</font></b></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'><b><font style="font-size: 18.0pt">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>Washington, D.C.
  20549</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'><b><u>__________________________</u></b></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'><b><font style="font-size: 16.0pt">FORM 8-K</font></b></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'><b><font style="font-size: 16.0pt">&nbsp;</font></b></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>Current Report</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>Pursuant to Section
  13 or 15(d) of the Securities Exchange Act of 1934</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>Date of Report (date
  of earliest event reported):&nbsp; February 3, 2009</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'><b><u><font style="font-size: 14.0pt">PARKWAY PROPERTIES, INC</font></u></b><u>.</u></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>(Exact Name of
  Registrant as Specified in its Charter)</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Maryland</u>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1-11533</u>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>74-2123597</u></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (State or Other Jurisdiction &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Commission File
  Number)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (IRS Employer</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&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;&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; of Incorporation)&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;&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;&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;&nbsp; Identification
  No.)</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:4.5pt;text-align:center'><u>One
  Jackson Place, Suite 1000, 188 East Capitol Street, Jackson, MS 39225-4647</u></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:4.5pt;text-align:center'>(Address
  of Principal Executive Offices, including zip code)</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:4.5pt;text-align:center'><font style="font-size: 11.0pt">&nbsp;</font></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'><u>(601) 948-4091</u></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>(Registrant&#146;s
  telephone number, including area code)</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:4.5pt;text-align:center'><u>Not
  Applicable</u></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>(Former name or
  former address, if changed since last report)</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";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 style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.5in;text-indent:-.5in'>&#61551;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written communications
  pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.5in;text-indent:-.5in'>&#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 style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.5in;text-indent:-.5in'>&#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 style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.5in;text-indent:-.5in'>&#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 style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>Page 1 of 4 Pages</p>
  
  <div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>
  
  <hr size=2 width="100%" noshade style='color:navy' align=center>
  
  </div>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <br
  clear=all style='page-break-before:always'>
  
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'><b>Item 5.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Departure of
  Directors or Principal Officers; Election of Directors; Appointment of
  Principal Officers; Compensatory Arrangements of Certain Officers</b></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'><u>2009 Long-Term Equity
  Compensation Program</u></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'>On February 3, 2009, the
  Compensation Committee (the &#147;Committee&#148;) of the Company&#146;s Board of Directors established
  the terms of the Company&#146;s 2009 long-term equity compensation program.&nbsp; The
  Committee awarded a total of 120,000 shares of restricted stock to 25 officers
  of the Company, including the following awards to the Company&#146;s named executive
  officers:</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'>&nbsp;</p>
  
  <div align=center>
  
  <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=432
   style='width:4.5in;border-collapse:collapse'>
   <tr>
    <td width=240 valign=bottom style='width:2.5in;padding:0in 5.4pt 0in 5.4pt'>
    <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:6.0pt;text-align:center'><b>Name
    and Title</b></p>
    </td>
    <td width=192 valign=bottom style='width:2.0in;padding:0in 5.4pt 0in 5.4pt'>
    <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:6.0pt;text-align:center'><b>Restricted
    Stock Award</b></p>
    </td>
   </tr>
   <tr>
    <td width=240 valign=top style='width:2.5in;padding:0in 5.4pt 0in 5.4pt'>
    <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:6.0pt;margin-right:0in;margin-bottom:
    0in;margin-left:9.0pt;margin-bottom:.0001pt;text-indent:-9.0pt'>Steven G.
    Rogers........................... <br>
    President and Chief Executive Officer</p>
    </td>
    <td width=192 valign=top style='width:2.0in;padding:0in 5.4pt 0in 5.4pt'>
    <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:6.0pt;text-align:center'>24,000</p>
    </td>
   </tr>
   <tr>
    <td width=240 valign=top style='width:2.5in;padding:0in 5.4pt 0in 5.4pt'>
    <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:6.0pt;margin-right:0in;margin-bottom:
    0in;margin-left:9.0pt;margin-bottom:.0001pt;text-indent:-9.0pt'>J. Mitchell
    Collins.......................... <br>
    Executive Vice President, Chief Financial Officer and Secretary</p>
    </td>
    <td width=192 valign=top style='width:2.0in;padding:0in 5.4pt 0in 5.4pt'>
    <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:6.0pt;text-align:center'>13,500</p>
    </td>
   </tr>
   <tr>
    <td width=240 valign=top style='width:2.5in;padding:0in 5.4pt 0in 5.4pt'>
    <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:6.0pt;margin-right:0in;margin-bottom:
    0in;margin-left:9.0pt;margin-bottom:.0001pt;text-indent:-9.0pt'>William R.
    Flatt.............................. <br>
    Executive Vice President and </p>
  	<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:0pt;margin-right:0in;margin-bottom:
    0in;margin-left:9.0pt;margin-bottom:.0001pt;text-indent:-9.0pt'>&nbsp;&nbsp;
  	Chief Operating Officer</p>
    </td>
    <td width=192 valign=top style='width:2.0in;padding:0in 5.4pt 0in 5.4pt'>
    <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:6.0pt;text-align:center'>13,500</p>
    </td>
   </tr>
   <tr>
    <td width=240 valign=top style='width:2.5in;padding:0in 5.4pt 0in 5.4pt'>
    <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:6.0pt;margin-right:0in;margin-bottom:
    0in;margin-left:9.0pt;margin-bottom:.0001pt;text-indent:-9.0pt'>James M.
    Ingram............................ <br>
    Executive Vice President and Chief Investment Officer</p>
    </td>
    <td width=192 valign=top style='width:2.0in;padding:0in 5.4pt 0in 5.4pt'>
    <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:6.0pt;text-align:center'>8,000</p>
    </td>
   </tr>
   <tr>
    <td width=240 valign=top style='width:2.5in;padding:0in 5.4pt 0in 5.4pt'>
    <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:6.0pt;margin-right:0in;margin-bottom:
    0in;margin-left:9.0pt;margin-bottom:.0001pt;text-indent:-9.0pt'>Mandy M. Pope............................. <br>
    Senior Vice President and Controller </p>
    </td>
    <td width=192 valign=top style='width:2.0in;padding:0in 5.4pt 0in 5.4pt'>
    <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:6.0pt;text-align:center'>7,000</p>
    </td>
   </tr>
  </table>
  
  </div>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'>The 2009 long-term equity
  compensation program for the Company&#146;s named executive officers focuses on the
  following metrics: the Company&#146;s adjusted funds from operations (&#147;Adjusted
  FFO&#148;) per diluted share in 2009 (50% of the award) and 2009 strategic
  objectives as recommended by management and approved by the Committee,
  consisting of continuing compliance with long-term debt financial covenants
  (20% of the award), certain investment goals under the Teacher Retirement
  System of Texas&#146; $750 million discretionary fund (20% of the award), and the
  reduction to a pre-determined maximum level of borrowings under the Company&#146;s
  line of credit (10% of the award).&nbsp; With respect to the Adjusted FFO component,
  the Committee has established a threshold and a maximum performance goal for
  2009 and the award is earned pro rata once the threshold performance goal is
  achieved.&nbsp; The Committee has determined that&nbsp; any adjustments to FFO (as computed
  in accordance with standards established by the National Association of Real
  Estate Investment Trusts) should include the amortization of above/below market
  leases, changes for impairment of value to real estate, expenses related to the
  early extinguishment of debt, the expense of original issue cost associated with
  redemption of preferred stock, the gain or loss on sales of real property and
  similar adjustments that may be made in the Committee&#146;s sole discretion.&nbsp; With
  respect to each of the strategic objectives, that portion of the award is
  earned on an &#147;all or nothing&#148; basis. </p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>Page 2 of 4 Pages</p>
  
  <div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>
  
  <hr size=2 width="100%" noshade style='color:navy' align=center>
  
  </div>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <br
  clear=all style='page-break-before:always'>
  
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'>The issued shares will vest 25%
  upon measurement of the goals at the end of the performance period and the
  remaining 75% will vest in equal, annual installments, unless accelerated under
  certain circumstances.&nbsp; During the restricted period, restricted shares will
  have voting rights.&nbsp; Dividends will accrue from the date of grant and will be
  paid as the shares vest.</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'>The awards are made in accordance
  with the terms of the Company&#146;s 2003 Equity Incentive Plan (the &#147;Incentive
  Plan&#148;) and each award is governed by a restricted stock agreement.&nbsp; The
  Company&#146;s stockholders approved the Incentive Plan at the Company&#146;s 2003 Annual
  Meeting of Stockholders.&nbsp; The Incentive Plan was filed with the SEC on April 1,
  2003 as part of the Company&#146;s definitive proxy statement.&nbsp; The Form of Incentive
  Restricted Share Agreement for the 2009 long-term equity compensation program
  is attached hereto as Exhibit 10.1 and is incorporated by reference.</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'><u>2009 Cash Incentive Bonus Program</u></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'>The Committee also approved the
  2009 cash incentive bonus program for officers of the Company.&nbsp; The annual cash
  incentive bonus for each officer will be awarded, at the discretion of the
  officer&#146;s immediate supervisor or the Committee, as the case may be, based on
  the achievement of predetermined individual performance goals that pertain to
  the officer&#146;s areas of responsibility.&nbsp; </p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'>The maximum cash incentive bonus
  that each of the Company&#146;s named executive officers is eligible to receive with
  respect to 2009 is calculated as a percentage of base salary for each officer
  as follows: Mr. Rogers (30%), Mr. Collins (25%), Mr. Flatt (25%), Mr. Ingram
  (20%) and Ms. Pope (15%).&nbsp; For each of the named executive officers, the
  maximum cash incentive bonus percentages represents a 50% decrease over the
  maximum bonus percentages established by the Committee with respect to 2008.</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";page-break-after:avoid'><b>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial
  Statements and Exhibits.</b></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";page-break-after:avoid'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";page-break-after:avoid'>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits:</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";page-break-after:avoid'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";page-break-after:avoid'>10.1*&nbsp;&nbsp; Form of Incentive
  Restricted Share Agreement for 2009 Long-Term Equity Compensation Program</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";page-break-after:avoid'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";page-break-after:avoid'>* Identifies a compensatory
  plan required to be filed.</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>Page 3 of 4 Pages</p>
  
  <div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>
  
  <hr size=2 width="100%" noshade style='color:navy' align=center>
  
  </div>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <br
  clear=all style='page-break-before:always'>
  
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>SIGNATURES</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";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 style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>Date:&nbsp;&nbsp; February 4, 2009</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:3.0in'>&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;&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; PARKWAY PROPERTIES, INC.</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:3.0in'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:3.0in'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:3.25in'>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>By: /s/ J. Mitchell Collins&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 style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:3.5in'>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J. Mitchell Collins</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive Vice
  President, Chief Financial </p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Officer and Secretary </p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>&nbsp;</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>Page 4 of 4 Pages</p>
  
  <div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>
  
  <hr size=2 width="100%" noshade style='color:navy' align=center>
  
  </div>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:3.5in'>&nbsp;</p>
  
  </div>
  
  </body>
  
  </html>
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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": "09568607"}, "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: 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):  February 3, 2009
  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 4 Pages
  Item 5.02.       Departure of
  Directors or Principal Officers; Election of Directors; Appointment of
  Principal Officers; Compensatory Arrangements of Certain Officers
  2009 Long-Term Equity
  Compensation Program
  On February 3, 2009, the
  Compensation Committee (the "Committee") of the Company's Board of Directors established
  the terms of the Company's 2009 long-term equity compensation program.  The
  Committee awarded a total of 120,000 shares of restricted stock to 25 officers
  of the Company, including the following awards to the Company's named executive
  officers:
  Name
    and Title
  Restricted
    Stock Award
  Steven G.
    Rogers...........................
  President and Chief Executive Officer
  24,000
  J. Mitchell
    Collins..........................
  Executive Vice President, Chief Financial Officer and Secretary
  13,500
  William R.
    Flatt..............................
  Executive Vice President and
  Chief Operating Officer
  13,500
  James M.
    Ingram............................
  Executive Vice President and Chief Investment Officer
  8,000
  Mandy M. Pope.............................
  Senior Vice President and Controller
  7,000
  The 2009 long-term equity
  compensation program for the Company's named executive officers focuses on the
  following metrics: the Company's adjusted funds from operations ("Adjusted
  FFO") per diluted share in 2009 (50% of the award) and 2009 strategic
  objectives as recommended by management and approved by the Committee,
  consisting of continuing compliance with long-term debt financial covenants
  (20% of the award), certain investment goals under the Teacher Retirement
  System of Texas' $750 million discretionary fund (20% of the award), and the
  reduction to a pre-determined maximum level of borrowings under the Company's
  line of credit (10% of the award).  With respect to the Adjusted FFO component,
  the Committee has established a threshold and a maximum performance goal for
  2009 and the award is earned pro rata once the threshold performance goal is
  achieved.  The Committee has determined that  any adjustments to FFO (as computed
  in accordance with standards established by the National Association of Real
  Estate Investment Trusts) should include the amortization of above/below market
  leases, changes for impairment of value to real estate, expenses related to the
  early extinguishment of debt, the expense of original issue cost associated with
  redemption of preferred stock, the gain or loss on sales of real property and
  similar adjustments that may be made in the Committee's sole discretion.  With
  respect to each of the strategic objectives, that portion of the award is
  earned on an "all or nothing" basis.
  Page 2 of 4 Pages
  The issued shares will vest 25%
  upon measurement of the goals at the end of the performance period and the
  remaining 75% will vest in equal, annual installments, unless accelerated under
  certain circumstances.  During the restricted period, restricted shares will
  have voting rights.  Dividends will accrue from the date of grant and will be
  paid as the shares vest.
  The awards are made in accordance
  with the terms of the Company's 2003 Equity Incentive Plan (the "Incentive
  Plan") and each award is governed by a restricted stock agreement.  The
  Company's stockholders approved the Incentive Plan at the Company's 2003 Annual
  Meeting of Stockholders.  The Incentive Plan was filed with the SEC on April 1,
  2003 as part of the Company's definitive proxy statement.  The Form of Incentive
  Restricted Share Agreement for the 2009 long-term equity compensation program
  is attached hereto as Exhibit 10.1 and is incorporated by reference.
  2009 Cash Incentive Bonus Program
  The Committee also approved the
  2009 cash incentive bonus program for officers of the Company.  The annual cash
  incentive bonus for each officer will be awarded, at the discretion of the
  officer's immediate supervisor or the Committee, as the case may be, based on
  the achievement of predetermined individual performance goals that pertain to
  the officer's areas of responsibility.
  The maximum cash incentive bonus
  that each of the Company's named executive officers is eligible to receive with
  respect to 2009 is calculated as a percentage of base salary for each officer
  as follows: Mr. Rogers (30%), Mr. Collins (25%), Mr. Flatt (25%), Mr. Ingram
  (20%) and Ms. Pope (15%).  For each of the named executive officers, the
  maximum cash incentive bonus percentages represents a 50% decrease over the
  maximum bonus percentages established by the Committee with respect to 2008.
  Item 9.01.       Financial
  Statements and Exhibits.
  (d)       Exhibits:
  10.1*   Form of Incentive
  Restricted Share Agreement for 2009 Long-Term Equity Compensation Program
  * Identifies a compensatory
  plan required to be filed.
  Page 3 of 4 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:   February 4, 2009
  PARKWAY PROPERTIES, INC.
  By: /s/ J. Mitchell Collins
  J. Mitchell Collins
  Executive Vice
  President, Chief Financial
  Officer and Secretary
  Page 4 of 4 Pages