<html>

<head>


<title>As filed with the Securities and Exchange Commission on March 29, 2002</title>



</head>

<body lang=EN-US>

<div class=Section1>

<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>
<b>As filed with the
Securities and Exchange Commission on May 7, 2004</b></p>

<div style='border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 1.0pt 0in'>

<p class=MsoTitle align=right style='text-align:right;border:medium none;padding:0in; margin-top:0; margin-bottom:0'>
<b>Registration
No. 333-</b></p>

</div>



<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>



<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0"><b>Washington, D.C.&nbsp; 20549</b></p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0"><b>_____________________</b></p>



<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0"><b>FORM S-8</b></p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0"><b>REGISTRATION STATEMENT UNDER</b></p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0"><b>THE SECURITIES ACT OF 1933</b></p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0"><b>_____________________</b></p>



<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>



<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0"><b>PARKWAY PROPERTIES, INC.</b></p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">(Exact Name of Registrant as
Specified in its Charter)</p>



<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>



<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse' bordercolorlight="#FFFFFF" bordercolordark="#FFFFFF">
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">Maryland</p>
  <p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">(State or Other
  Jurisdiction of Incorporation or Organization)</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">74-2123597</p>
  <p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">(I.R.S. Employer
  Identification No.)</p>
  </td>
 </tr>
</table>



<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>



<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">One Jackson Place, Suite
  1000</p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">188 East Capitol Street</p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">Jackson, Mississippi 39225</p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">&nbsp;(Address of Principal
Executive Offices, including Zip Code)</p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">_____________________</p>



<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>



<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">Parkway Properties, Inc.
2003 Equity Incentive Plan</p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">Parkway Properties, Inc.
Employee Excellence Recognition Plan </p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">(Full Title of the Plan)</p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">_____________________</p>



<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>



<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">Steven G. Rogers, Chief
Executive Officer and President</p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">One Jackson Place, Suite
  1000</p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">188 East Capitol Street</p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">P. O. Box 24647</p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">Jackson, Mississippi &nbsp;39225-4647</p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">(Name and Address of Agent
for Service)</p>



<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>



<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">(601) 948-4091</p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">(Telephone Number, Including
Area Code, of Agent for Service)</p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">_____________________</p>



<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>



<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">Copy to:</p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">Joseph P. Kubarek, Esq.</p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">Jaeckle Fleischmann &amp;
Mugel, LLP</p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">12 Fountain Plaza</p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">Buffalo, New York&nbsp; 14202</p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">(716) 856-0600</p>

<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">_____________________</p>



<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>



<b><hr color="#000080">
</b>



<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>



<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0"><b>CALCULATION OF REGISTRATION FEE</b></p>



<p class=MsoTitle align="center" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>



<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width=655
 style='width:491.4pt;border-collapse:collapse;border:none'>
 <tr>
  <td width=139 valign=top style='width:1.45in;border:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>

  <p class=MsoTitle style="margin-top: 0; margin-bottom: 0">Title of Securities</p>
  <p class=MsoTitle style="margin-top: 0; margin-bottom: 0">To Be Registered</p>
  </td>
  <td width=108 valign=top style='width:81.0pt;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 5.4pt 0in 5.4pt'>

  <p class=MsoTitle style="margin-top: 0; margin-bottom: 0">Amount To</p>
  <p class=MsoTitle style="margin-top: 0; margin-bottom: 0">Be Registered </p>
  </td>
  <td width=156 valign=top style='width:117.0pt;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle style="margin-top: 0; margin-bottom: 0">Proposed Maximum</p>
  <p class=MsoTitle style="margin-top: 0; margin-bottom: 0">Offering Price</p>
  <p class=MsoTitle style="margin-top: 0; margin-bottom: 0">Per Share</p>
  </td>
  <td width=156 valign=top style='width:117.0pt;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle style="margin-top: 0; margin-bottom: 0">Proposed Maximum</p>
  <p class=MsoTitle style="margin-top: 0; margin-bottom: 0">Aggregate Offering</p>
  <p class=MsoTitle style="margin-top: 0; margin-bottom: 0">Price (1)</p>
  </td>
  <td width=96 valign=top style='width:1.0in;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle style="margin-top: 0; margin-bottom: 0">Amount of</p>
  <p class=MsoTitle style="margin-top: 0; margin-bottom: 0">Registration</p>
  <p class=MsoTitle style="margin-top: 0; margin-bottom: 0">Fee (1)</p>
  </td>
 </tr>
 <tr>
  <td width=139 valign=top style='width:1.45in;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>Common Stock, $0.001 par value per share&nbsp; (2)(3)</p>
  </td>
  <td width=108 valign=top style='width:81.0pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>


  <p class=MsoTitle style="margin-top: 0; margin-bottom: 0">210,000</p>
  </td>
  <td width=156 valign=top style='width:117.0pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>


  <p class=MsoTitle style="margin-top: 0; margin-bottom: 0">Various</p>
  </td>
  <td width=156 valign=top style='width:117.0pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>


  <p class=MsoTitle style="margin-top: 0; margin-bottom: 0">$8,305,500</p>
  </td>
  <td width=96 valign=top style='width:1.0in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>


  <p class=MsoTitle style="margin-top: 0; margin-bottom: 0">$1,052.31</p>
  </td>
 </tr>
</table>





<p class=MsoTitle align=left style='margin-left:1.0in;text-align:left;
text-indent:-.5in; margin-top:0; margin-bottom:0'>&nbsp;</p>





<p class=MsoTitle align=left style='margin-left:1.0in;text-align:left;
text-indent:-.5in; margin-top:0; margin-bottom:0'>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Determined in accordance with
Rule 457(h)(1) and 457(c) under the Securities Act of 1933 based on the average
of the high and low reported sales prices on the New York Stock Exchange on May
6, 2004.</p>

<p class=MsoTitle align=left style='margin-left:1.0in;text-align:left;
text-indent:-.5in; margin-top:0; margin-bottom:0'>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes associated rights to
purchase Series C Preferred Stock pursuant to the Amended and Restated Rights
Agreement dated as of February 21, 2002.</p>

<p class=MsoTitle align=left style='margin-left:1.0in;text-align:left;
text-indent:-.5in; margin-top:0; margin-bottom:0'>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Rule 416(a) under
the Securities Act of 1933, as amended, this Registration Statement also covers
an indeterminate number of additional shares that may be offered and issued to
prevent dilution resulting from stock splits, stock dividends or similar
transactions as provided in the Parkway Properties, Inc. 2003 Equity Incentive
Plan.</p>



<p class=MsoTitle style="margin-top: 0; margin-bottom: 0">______________________________________________________________________________</p>

</div>

<b><hr color="#000080">
<p style="margin-top: 0; margin-bottom: 0"><br clear=all
style='page-break-before:always'>
</b>

</p>

<div class=Section2>

<p class=MsoTitle style="margin-top: 0; margin-bottom: 0" align="center"><b>EXPLANATORY NOTE</b></p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Registration Statement on Form S-8 is being filed to
register 200,000 shares of common stock, par value $0.001 per share
(&quot;Common Stock&quot;), of Parkway Properties, Inc. which have been
reserved for issuance under the Parkway Properties, Inc. 2003 Equity Incentive Plan
and 10,000 shares of Common Stock under the Parkway Properties, Inc. Employee
Excellence Recognition Plan. </p>



<p class=MsoTitle style="margin-top: 0; margin-bottom: 0">PART I</p>

<p class=MsoTitle style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p class=MsoTitle style="margin-top: 0; margin-bottom: 0" align="center"><b>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</b></p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The documents containing the information specified in Part
I will be sent or given to employees participating in the plans described
herein as specified by Rule 428(b)(1) of the Securities Act of 1933, as amended
(the &quot;Securities Act&quot;).&nbsp; In accordance with the instructions to Part
I of Form S-8, such documents will not be filed with the Securities and
Exchange Commission (the &quot;Commission&quot;) either as part of this
Registration Statement or as prospectuses or prospectus supplements pursuant to
Rule 424 of the Securities Act.&nbsp; These documents and the documents incorporated
by reference pursuant to Item 3 of Part II of this Registration Statement,
taken together, constitute the prospectus as required by Section 10(a) of the
Securities Act.</p>



<p class=MsoTitle style="margin-top: 0; margin-bottom: 0" align="center">&nbsp;</p>



<p class=MsoTitle style="margin-top: 0; margin-bottom: 0" align="center"><b>PART II</b></p>



<p class=MsoTitle style="margin-top: 0; margin-bottom: 0" align="center">&nbsp;</p>



<p class=MsoTitle style="margin-top: 0; margin-bottom: 0" align="center"><b>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</b></p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>
<b>Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incorporation
of Documents by Reference.</b></p>



<p class=MsoTitle align=left style='text-align:left;text-indent:.5in; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left;text-indent:.5in; margin-top:0; margin-bottom:0'>Parkway Properties, Inc. (the
&quot;Registrant&quot;) hereby incorporates by reference into this Registration
Statement the following documents filed by it with the Commission:</p>



<ul>
  <li>



<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-.5in; margin-top:0; margin-bottom:0'>Our Annual Report on Form 10-K
for the year ended December 31, 2003.</p>



  </li>
  <li>



<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-.5in; margin-top:0; margin-bottom:0'>Our Registration Statement on
Form 8-A, as filed with the SEC on August 5, 1996.</p>



  </li>
  <li>



<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-.5in; margin-top:0; margin-bottom:0'>Our Registration Statement on
Form 8-A/A, as filed with the SEC on March 4, 2002.</p>



  </li>
</ul>



<p class=MsoTitle align=left style='text-align:left;text-indent:.5in; margin-top:0; margin-bottom:0'>
In addition, all documents filed by the Registrant subsequent to the date hereof
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act
of 1934, as amended (the &quot;Exchange Act&quot;), and prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference in this Registration Statement and to be part
hereof from the date of filing of such documents.&nbsp; Any statement contained
in a document incorporated or deemed to be incorporated by reference herein
shall be deemed to be modified </p>



<b><hr color="#000080">
</b>



<p class=MsoTitle align=left style='text-align:left;text-indent:.5in; margin-top:0; margin-bottom:0'>
or superseded for purposes of this Registration Statement to the extent that a
statement contained herein or in any other subsequently filed document which
also is or is deemed to be incorporated by reference herein modifies or
supersedes such statement.&nbsp; Any such statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part
of this Registration Statement.</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>
<b>Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Description
of Securities.</b></p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable (the Common Stock is registered under
Section 12 of the Exchange Act).</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>
<b>Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interests
of Named Experts and Counsel.</b></p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>
<b>Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indemnification
of Directors and Officers.</b></p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant is organized in the State of Maryland.&nbsp;
The Maryland General Corporation Law (&quot;MGCL&quot;) permits a corporation
to include in its charter a provision limiting the liability of its directors
and officers to the corporation and its stockholders for money damages except
for liability resulting from (i) actual receipt of an improper personal benefit
or profit in money, property or services or (ii) active and deliberate
dishonesty established by a final judgment as being material to the cause of
action.&nbsp; The Registrant's Charter contains such a provision.</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The MGCL permits a corporation to indemnify a director or
officer who has been successful, on the merits or otherwise, in the defense of
any proceeding to which the person is made a party by reason of his or her
service in that capacity. The MGCL permits a corporation to indemnify its
present and former directors and officers, among others, in connection with any
proceeding to which they may be made a party by reason of their service in
those or other capacities unless it is established that (i) the act or omission
of the indemnified party was material to the matter giving rise to the
proceeding and (a) was committed in bad faith or (b) was the result of active
and deliberate dishonesty; (ii) the indemnified party actually received an
improper personal benefit in money, property or services; or (iii) in the case
of any criminal proceeding, the indemnified party had reasonable cause to
believe that the act or omission was unlawful.</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The indemnity may include judgments, penalties, fines,
settlements and reasonable expenses actually incurred by the director or
officer in connection with the proceeding; provided, however, that if the
proceeding is one by or in the right of the Maryland corporation,
indemnification is not permitted with respect to any proceeding in which the
director or officer has been adjudged to be liable to the corporation.</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition, a director or officer of a Maryland
corporation may not be indemnified with respect to any proceeding charging improper
personal benefit to the director or officer in which the director or officer
was adjudged to be liable on the basis that personal benefit was improperly
received.&nbsp; The termination of any proceeding by conviction or upon a plea of
nolo contendere or its equivalent or an entry of an order of probation prior to
judgment creates a rebuttal presumption that the director or officer did not
meet the requisite standard of </p>



<b><hr color="#000080">
</b>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>
conduct required for permitted indemnification.&nbsp; The termination of any
proceeding by judgment, order or settlement, however, does not create a
presumption that the director or officer did not meet the requisite standard of
conduct for permitted indemnification.</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As a condition to advancing expenses to a director who is a
party to a proceeding, the MGCL requires the Registrant to obtain (a) a written
affirmation by the director or officer of his or her good faith belief that he
or she has met the standard of conduct necessary for indemnification by the
Registrant and (b) a written statement by or on his or her behalf to repay the
amount paid or reimbursed by the Registrant if it shall ultimately be
determined that the standard of conduct was not met.</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's Charter provides that the Registrant will
indemnify its directors and officers, whether serving the Corporation or at its
request any other entity, to the full extent required or permitted by Maryland
law.&nbsp; The Registrant's Charter contains a provision which limits a director's
or officer's personal liability for monetary damages to the Registrant or its
stockholders.&nbsp; </p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant has entered into an indemnification
agreement (the &quot;Indemnification Agreement') with each of its directors and
officers, and the Board of Directors has authorized the Registrant to enter
into an Indemnification Agreement with each of the future directors and
officers of the Registrant.&nbsp; The MGCL permits a corporation to indemnify its
directors and officers.&nbsp; However, the protection that is specifically afforded
by the MGCL authorizes other arrangements for indemnification of directors and
officers, including insurance.&nbsp; The Indemnification Agreement is intended to
provide indemnification to the maximum extent allowable by, or not in violation
of, or offensive to, any law of the State of Maryland.</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Indemnification Agreement provides that the Registrant
shall indemnify a director or officer who is a party to the agreement (the
&quot;Indemnitee&quot;), if he or she was or is a party to or otherwise
involved in any proceeding by reason of the fact that he or she was or is a
director or officer of the Registrant, or was or is serving at its request in a
certain capacity of another entity, against losses incurred in connection with
the defense or settlement of such proceeding.&nbsp; This indemnification shall be provided
to the fullest extent permitted by the Indemnification Agreement.&nbsp; This is
similar to the indemnification provided by the MGCL except that indemnification
is not available under the Indemnification Agreement to the Indemnitee who pays
any amount in settlement of a proceeding without the Registrant's written
consent.</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>
<b>Item 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exemption
From Registration Claimed.</b></p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</p>



<b><hr color="#000080">
<p style="margin-top: 0; margin-bottom: 0"><br clear=all
style='page-break-before:always'>
</b>

</p>

<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>
<b>Item 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.</b></p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>Exhibit Number&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Description</p>



<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-1.5in; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-1.5in; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opinion
of Jaeckle Fleischmann &amp; Mugel, LLP as to the legality of the securities
being registered (filed herewith).</p>



<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-1.5in; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-1.5in; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consent
of Ernst &amp; Young LLP (filed herewith).</p>



<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-1.5in; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-1.5in; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consent of Jaeckle
Fleischmann &amp; Mugel, LLP (included in Exhibit 5).</p>



<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-1.5in; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-1.5in; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power
of Attorney (included on signature page).</p>



<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-1.5in; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-1.5in; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parkway
Properties, Inc. Employee Excellence Recognition Plan (filed herewith).</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>
<b>Item 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undertakings.</b></p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The undersigned Registrant hereby undertakes:</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; 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; (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To file, during any period in which
offers or sales are being made, a post-effective amendment to this Registration
Statement:</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To include any
prospectus required by Section 10(a)(3) of the Securities Act;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To reflect in the
prospectus any facts or events arising after the effective date of this
Registration Statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in this Registration Statement.&nbsp; Notwithstanding the
foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than a 20 percent change in the maximum aggregate
offering price set forth in the &quot;Calculation of Registration Fee&quot;
table in the effective registration statement; and</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To include any material
information with respect to the plan of distribution not previously disclosed
in the Registration Statement or any material change to such information in the
Registration Statement;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'><i>provided, however,</i> that
paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to
be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed with or furnished to the Commission by the Registrant
pursuant to Section 13 or Section 15(d) of the Exchange Act that are
incorporated by reference in the Registration Statement.</p>



<b><hr color="#000080">
</b>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; 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; (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That, for the purpose of determining
any liability under the Securities Act, each such post-effective amendment
shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be
deemed to be the initial <i>bona fide</i> offering thereof.</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; 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; (3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To remove from registration by means
of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering.</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The undersigned Registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, each
filing of the Registrant's annual report pursuant to Section 13(a) or Section
15(d) of the Exchange Act (and, where applicable, each filing of an employee
benefit plan's annual report pursuant to Section 15(d) of the Exchange Act)
that is incorporated by reference in the Registration Statement shall be deemed
to be a new registration statement relating to the securities offered herein,
and the offering of such securities at that time shall be deemed to be the
initial <i>bona fide</i> offering thereof.</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and
controlling persons of the Registrant pursuant to the foregoing provisions, or
otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable.&nbsp; In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of&nbsp; its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.</p>



<p class=MsoTitle style="margin-top: 0; margin-bottom: 0">&nbsp;</p>



<p class=MsoTitle style="margin-top: 0; margin-bottom: 0" align="center"><b>SIGNATURES</b></p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Act of 1933,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Jackson, State of Mississippi, on May 7, 2004.</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>





<p class=MsoTitle align=left style='text-align:left; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>





<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>





<p class=MsoTitle align=left style='text-align:left; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By
___<u>/s/ Marshall A. Loeb</u>_____</p>

<p class=MsoTitle align=left style='text-align:left; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marshall A. Loeb</p>

<p class=MsoTitle align=left style='text-align:left; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Financial Officer</p>



<b><hr color="#000080">
<p style="margin-top: 0; margin-bottom: 0"><br clear=all
style='page-break-before:always'>
</b>

</p>

<p class=MsoTitle style="margin-top: 0; margin-bottom: 0" align="center"><b>POWERS OF ATTORNEY</b></p>



<p class=MsoTitle style="margin-top: 0; margin-bottom: 0" align="center">&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We, the undersigned directors and officers of Parkway
Properties, Inc., a Maryland corporation, do hereby constitute and appoint Steven
G. Rogers and Leland R. Speed, and each and either of them, our true and lawful
attorneys-in-fact and agents, with full power of substitution and
resubstitution, to do any and all acts and things in our names and on our
behalf in our capacities as directors and officers and to execute any and all
instruments for us and in our name in the capacities indicated below, which
said attorneys and agents may deem necessary or advisable to enable said
corporation to comply with the Securities Act of 1933 and any rules,
regulations and requirements of the Securities and Exchange Commission, in
connection with this registration statement, or any registration statement for
this offering that is to be effective upon filing pursuant to Rule 462(b) under
the Securities Act of 1933, including specifically, but without limitation, any
and all amendments (including post-effective amendments) hereto; and we hereby
ratify and confirm all that said attorneys and agents, or either of them, shall
do or cause to be done by virtue thereof.</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Act of 1933,
this Registration Statement has been signed by the following persons in the
capacities indicated as of the 7th day of May, 2004.</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle style="margin-top: 0; margin-bottom: 0" align="center"><u>Signature</u></p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle style="margin-top: 0; margin-bottom: 0" align="center"><u>Title</u></p>
  <p class=MsoTitle style="margin-top: 0; margin-bottom: 0"><u>&nbsp;</u></p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'><u>
  /s/ Leland R. Speed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp; Leland R. Speed</p>

  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>Director and Chairman of the Board </p>

  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>

  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>

  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'><u>/s/ Steven G. Rogers</u>__________________</p>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp; Steven G. Rogers</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>Chief Executive Officer, President and Director </p>

  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>

  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>

  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'><u>/s/ Marshall G. Rogers</u>_________________</p>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp; Marshall A. Loeb</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>Chief Financial Officer </p>


  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>


  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>


  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'><u>/s/ Mandy M. Pope</u>___________________</p>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp; Mandy M. Pope</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>Controller </p>


  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>


  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>


  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'><u>/s/ Daniel P. Friedman</u>_________________</p>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp; Daniel P. Friedman</p>

  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>Director</p>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'><u>/s/ Roger P. Friou</u>____________________</p>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp; Roger P. Friou</p>

  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>Director</p>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'><u>/s/ Martin L. Garcia</u>__________________</p>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp; Martin L. Garcia</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>Director</p>


  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>


  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>


  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'><u>/s/ Matthew W. Kaplan</u>_______________</p>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp; Matthew W. Kaplan</p>
  <hr noshade color="#000000">
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>Director</p>


  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>


  <hr noshade color="#000000">
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>


  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'><u>/s/ Michael J. Lipsey</u>_________________</p>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp; Michael J. Lipsey</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>Director</p>


  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>


  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>


  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'><u>/s/ Joe F. Lynch</u>_____________________</p>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp; Joe F. Lynch</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>Director</p>


  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>


  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>


  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'><u>/s/ Lenore M. Sullivan</u>________________</p>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp; Lenore M. Sullivan</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>Director</p>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>
  <p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>
  </td>
 </tr>
</table>





<p class=MsoTitle style="margin-top: 0; margin-bottom: 0" align="center"><b>EXHIBIT INDEX</b></p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='text-align:left; margin-top:0; margin-bottom:0'>Exhibit Number&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Description</p>



<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-1.5in; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-1.5in; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opinion
of Jaeckle Fleischmann &amp; Mugel, LLP as to the legality of the securities
being registered (filed herewith).</p>



<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-1.5in; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-1.5in; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consent
of Ernst &amp; Young LLP (filed herewith).</p>



<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-1.5in; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-1.5in; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consent of Jaeckle
Fleischmann &amp; Mugel, LLP (included in Exhibit 5).</p>



<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-1.5in; margin-top:0; margin-bottom:0'>&nbsp;</p>



<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-1.5in; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power
of Attorney (included on signature page).</p>



<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-1.5in; margin-top:0; margin-bottom:0'>&nbsp;</p>









<p class=MsoTitle align=left style='margin-left:1.5in;text-align:left;
text-indent:-1.5in; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parkway's
Employee Excellence Recognition Plan (filed herewith).</p>









</div>

</body>

</html>
[{"type": "S-8", "sequence": "1", "filename": "s8.htm", "description": "HTML FORMAT", "secsgml_size_bytes": 55215}, {"type": "S-8", "sequence": "5", "filename": "s8.pdf", "description": "PDF FORMAT", "secsgml_size_bytes": 123720}]
{"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": "S-8", "act": "33", "file-number": "333-115286", "film-number": "04789016"}, "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"}}
As filed with the Securities and Exchange Commission on March 29, 2002
As filed with the
Securities and Exchange Commission on May 7, 2004
Registration
No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
_____________________
FORM S-8
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
_____________________
PARKWAY PROPERTIES, INC.
(Exact Name of Registrant as
Specified in its Charter)
Maryland
(State or Other
  Jurisdiction of Incorporation or Organization)
74-2123597
(I.R.S. Employer
  Identification No.)
One Jackson Place, Suite
  1000
188 East Capitol Street
Jackson, Mississippi 39225
(Address of Principal
Executive Offices, including Zip Code)
_____________________
Parkway Properties, Inc.
2003 Equity Incentive Plan
Parkway Properties, Inc.
Employee Excellence Recognition Plan
(Full Title of the Plan)
_____________________
Steven G. Rogers, Chief
Executive Officer and President
One Jackson Place, Suite
  1000
188 East Capitol Street
P. O. Box 24647
Jackson, Mississippi  39225-4647
(Name and Address of Agent
for Service)
(601) 948-4091
(Telephone Number, Including
Area Code, of Agent for Service)
_____________________
Copy to:
Joseph P. Kubarek, Esq.
Jaeckle Fleischmann &
Mugel, LLP
12 Fountain Plaza
Buffalo, New York  14202
(716) 856-0600
_____________________
CALCULATION OF REGISTRATION FEE
Title of Securities
To Be Registered
Amount To
Be Registered
Proposed Maximum
Offering Price
Per Share
Proposed Maximum
Aggregate Offering
Price (1)
Amount of
Registration
Fee (1)
Common Stock, $0.001 par value per share  (2)(3)
210,000
Various
$8,305,500
$1,052.31
(1)       Determined in accordance with
Rule 457(h)(1) and 457(c) under the Securities Act of 1933 based on the average
of the high and low reported sales prices on the New York Stock Exchange on May
6, 2004.
(2)       Includes associated rights to
purchase Series C Preferred Stock pursuant to the Amended and Restated Rights
Agreement dated as of February 21, 2002.
(3)       Pursuant to Rule 416(a) under
the Securities Act of 1933, as amended, this Registration Statement also covers
an indeterminate number of additional shares that may be offered and issued to
prevent dilution resulting from stock splits, stock dividends or similar
transactions as provided in the Parkway Properties, Inc. 2003 Equity Incentive
Plan.
______________________________________________________________________________
EXPLANATORY NOTE
This Registration Statement on Form S-8 is being filed to
register 200,000 shares of common stock, par value $0.001 per share
("Common Stock"), of Parkway Properties, Inc. which have been
reserved for issuance under the Parkway Properties, Inc. 2003 Equity Incentive Plan
and 10,000 shares of Common Stock under the Parkway Properties, Inc. Employee
Excellence Recognition Plan.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The documents containing the information specified in Part
I will be sent or given to employees participating in the plans described
herein as specified by Rule 428(b)(1) of the Securities Act of 1933, as amended
(the "Securities Act").  In accordance with the instructions to Part
I of Form S-8, such documents will not be filed with the Securities and
Exchange Commission (the "Commission") either as part of this
Registration Statement or as prospectuses or prospectus supplements pursuant to
Rule 424 of the Securities Act.  These documents and the documents incorporated
by reference pursuant to Item 3 of Part II of this Registration Statement,
taken together, constitute the prospectus as required by Section 10(a) of the
Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.                        Incorporation
of Documents by Reference.
Parkway Properties, Inc. (the
"Registrant") hereby incorporates by reference into this Registration
Statement the following documents filed by it with the Commission:
Our Annual Report on Form 10-K
for the year ended December 31, 2003.
Our Registration Statement on
Form 8-A, as filed with the SEC on August 5, 1996.
Our Registration Statement on
Form 8-A/A, as filed with the SEC on March 4, 2002.
In addition, all documents filed by the Registrant subsequent to the date hereof
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), and prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference in this Registration Statement and to be part
hereof from the date of filing of such documents.  Any statement contained
in a document incorporated or deemed to be incorporated by reference herein
shall be deemed to be modified
or superseded for purposes of this Registration Statement to the extent that a
statement contained herein or in any other subsequently filed document which
also is or is deemed to be incorporated by reference herein modifies or
supersedes such statement.  Any such statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part
of this Registration Statement.
Item 4.                        Description
of Securities.
Not applicable (the Common Stock is registered under
Section 12 of the Exchange Act).
Item 5.                        Interests
of Named Experts and Counsel.
Not applicable.
Item 6.                        Indemnification
of Directors and Officers.
The Registrant is organized in the State of Maryland. 
The Maryland General Corporation Law ("MGCL") permits a corporation
to include in its charter a provision limiting the liability of its directors
and officers to the corporation and its stockholders for money damages except
for liability resulting from (i) actual receipt of an improper personal benefit
or profit in money, property or services or (ii) active and deliberate
dishonesty established by a final judgment as being material to the cause of
action.  The Registrant's Charter contains such a provision.
The MGCL permits a corporation to indemnify a director or
officer who has been successful, on the merits or otherwise, in the defense of
any proceeding to which the person is made a party by reason of his or her
service in that capacity. The MGCL permits a corporation to indemnify its
present and former directors and officers, among others, in connection with any
proceeding to which they may be made a party by reason of their service in
those or other capacities unless it is established that (i) the act or omission
of the indemnified party was material to the matter giving rise to the
proceeding and (a) was committed in bad faith or (b) was the result of active
and deliberate dishonesty; (ii) the indemnified party actually received an
improper personal benefit in money, property or services; or (iii) in the case
of any criminal proceeding, the indemnified party had reasonable cause to
believe that the act or omission was unlawful.
The indemnity may include judgments, penalties, fines,
settlements and reasonable expenses actually incurred by the director or
officer in connection with the proceeding; provided, however, that if the
proceeding is one by or in the right of the Maryland corporation,
indemnification is not permitted with respect to any proceeding in which the
director or officer has been adjudged to be liable to the corporation.
In addition, a director or officer of a Maryland
corporation may not be indemnified with respect to any proceeding charging improper
personal benefit to the director or officer in which the director or officer
was adjudged to be liable on the basis that personal benefit was improperly
received.  The termination of any proceeding by conviction or upon a plea of
nolo contendere or its equivalent or an entry of an order of probation prior to
judgment creates a rebuttal presumption that the director or officer did not
meet the requisite standard of
conduct required for permitted indemnification.  The termination of any
proceeding by judgment, order or settlement, however, does not create a
presumption that the director or officer did not meet the requisite standard of
conduct for permitted indemnification.
As a condition to advancing expenses to a director who is a
party to a proceeding, the MGCL requires the Registrant to obtain (a) a written
affirmation by the director or officer of his or her good faith belief that he
or she has met the standard of conduct necessary for indemnification by the
Registrant and (b) a written statement by or on his or her behalf to repay the
amount paid or reimbursed by the Registrant if it shall ultimately be
determined that the standard of conduct was not met.
The Registrant's Charter provides that the Registrant will
indemnify its directors and officers, whether serving the Corporation or at its
request any other entity, to the full extent required or permitted by Maryland
law.  The Registrant's Charter contains a provision which limits a director's
or officer's personal liability for monetary damages to the Registrant or its
stockholders.
The Registrant has entered into an indemnification
agreement (the "Indemnification Agreement') with each of its directors and
officers, and the Board of Directors has authorized the Registrant to enter
into an Indemnification Agreement with each of the future directors and
officers of the Registrant.  The MGCL permits a corporation to indemnify its
directors and officers.  However, the protection that is specifically afforded
by the MGCL authorizes other arrangements for indemnification of directors and
officers, including insurance.  The Indemnification Agreement is intended to
provide indemnification to the maximum extent allowable by, or not in violation
of, or offensive to, any law of the State of Maryland.
The Indemnification Agreement provides that the Registrant
shall indemnify a director or officer who is a party to the agreement (the
"Indemnitee"), if he or she was or is a party to or otherwise
involved in any proceeding by reason of the fact that he or she was or is a
director or officer of the Registrant, or was or is serving at its request in a
certain capacity of another entity, against losses incurred in connection with
the defense or settlement of such proceeding.  This indemnification shall be provided
to the fullest extent permitted by the Indemnification Agreement.  This is
similar to the indemnification provided by the MGCL except that indemnification
is not available under the Indemnification Agreement to the Indemnitee who pays
any amount in settlement of a proceeding without the Registrant's written
consent.
Item 7.                        Exemption
From Registration Claimed.
Not applicable.
Item 8.                        Exhibits.
Exhibit Number            Description
5                      Opinion
of Jaeckle Fleischmann & Mugel, LLP as to the legality of the securities
being registered (filed herewith).
23.1                 Consent
of Ernst & Young LLP (filed herewith).
23.2                 Consent of Jaeckle
Fleischmann & Mugel, LLP (included in Exhibit 5).
24                    Power
of Attorney (included on signature page).
99                    Parkway
Properties, Inc. Employee Excellence Recognition Plan (filed herewith).
Item 9.                        Undertakings.
(a)        The undersigned Registrant hereby undertakes:
(1)        To file, during any period in which
offers or sales are being made, a post-effective amendment to this Registration
Statement:
(i)         To include any
prospectus required by Section 10(a)(3) of the Securities Act;
(ii)        To reflect in the
prospectus any facts or events arising after the effective date of this
Registration Statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in this Registration Statement.  Notwithstanding the
foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than a 20 percent change in the maximum aggregate
offering price set forth in the "Calculation of Registration Fee"
table in the effective registration statement; and
(iii)       To include any material
information with respect to the plan of distribution not previously disclosed
in the Registration Statement or any material change to such information in the
Registration Statement;
provided, however,
that
paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to
be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed with or furnished to the Commission by the Registrant
pursuant to Section 13 or Section 15(d) of the Exchange Act that are
incorporated by reference in the Registration Statement.
(2)        That, for the purpose of determining
any liability under the Securities Act, each such post-effective amendment
shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be
deemed to be the initial
bona fide
offering thereof.
(3)        To remove from registration by means
of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering.
(b)        The undersigned Registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, each
filing of the Registrant's annual report pursuant to Section 13(a) or Section
15(d) of the Exchange Act (and, where applicable, each filing of an employee
benefit plan's annual report pursuant to Section 15(d) of the Exchange Act)
that is incorporated by reference in the Registration Statement shall be deemed
to be a new registration statement relating to the securities offered herein,
and the offering of such securities at that time shall be deemed to be the
initial
bona fide
offering thereof.
(c)        Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and
controlling persons of the Registrant pursuant to the foregoing provisions, or
otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable.  In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of  its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Jackson, State of Mississippi, on May 7, 2004.
PARKWAY
PROPERTIES, INC.
By
___
/s/ Marshall A. Loeb
_____
Marshall A. Loeb
Chief Financial Officer
POWERS OF ATTORNEY
We, the undersigned directors and officers of Parkway
Properties, Inc., a Maryland corporation, do hereby constitute and appoint Steven
G. Rogers and Leland R. Speed, and each and either of them, our true and lawful
attorneys-in-fact and agents, with full power of substitution and
resubstitution, to do any and all acts and things in our names and on our
behalf in our capacities as directors and officers and to execute any and all
instruments for us and in our name in the capacities indicated below, which
said attorneys and agents may deem necessary or advisable to enable said
corporation to comply with the Securities Act of 1933 and any rules,
regulations and requirements of the Securities and Exchange Commission, in
connection with this registration statement, or any registration statement for
this offering that is to be effective upon filing pursuant to Rule 462(b) under
the Securities Act of 1933, including specifically, but without limitation, any
and all amendments (including post-effective amendments) hereto; and we hereby
ratify and confirm all that said attorneys and agents, or either of them, shall
do or cause to be done by virtue thereof.
Pursuant to the requirements of the Securities Act of 1933,
this Registration Statement has been signed by the following persons in the
capacities indicated as of the 7th day of May, 2004.
Signature
Title
/s/ Leland R. Speed
Leland R. Speed
Director and Chairman of the Board
/s/ Steven G. Rogers
__________________
Steven G. Rogers
Chief Executive Officer, President and Director
/s/ Marshall G. Rogers
_________________
Marshall A. Loeb
Chief Financial Officer
/s/ Mandy M. Pope
___________________
Mandy M. Pope
Controller
/s/ Daniel P. Friedman
_________________
Daniel P. Friedman
Director
/s/ Roger P. Friou
____________________
Roger P. Friou
Director
/s/ Martin L. Garcia
__________________
Martin L. Garcia
Director
/s/ Matthew W. Kaplan
_______________
Matthew W. Kaplan
Director
/s/ Michael J. Lipsey
_________________
Michael J. Lipsey
Director
/s/ Joe F. Lynch
_____________________
Joe F. Lynch
Director
/s/ Lenore M. Sullivan
________________
Lenore M. Sullivan
Director
EXHIBIT INDEX
Exhibit Number            Description
5                      Opinion
of Jaeckle Fleischmann & Mugel, LLP as to the legality of the securities
being registered (filed herewith).
23.1                 Consent
of Ernst & Young LLP (filed herewith).
23.2                 Consent of Jaeckle
Fleischmann & Mugel, LLP (included in Exhibit 5).
24                    Power
of Attorney (included on signature page).
99                    Parkway's
Employee Excellence Recognition Plan (filed herewith).