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                                       Filed Pursuant to Rule 424(b)(3)
                                       of the Securities Act of 1933, as amended
                                       Registration No. 333-48161

Amendment to
Prospectus Supplement

(To Prospectus dated April 9, 1998)


                                2,142,857 SHARES

                            PARKWAY PROPERTIES, INC.

                 SERIES B CUMULATIVE CONVERTIBLE PREFERRED STOCK

                            -------------------------

         This Amendment to Prospectus Supplement amends the Prospectus
Supplement, originally filed with the Securities and Exchange Commission on
October 10, 2000. The Prospectus Supplement is amended as follows:

     1. The introductory  paragraph on page S-1 of the Prospectus  Supplement is
amended in its entirety to read as follows:

     This  prospectus  supplement  relates to our offering and sale of 2,142,857
     shares of Series B cumulative convertible preferred stock at up to four
     closings over the next nine months. Each share of Series B preferred stock
     is convertible into one share of our common stock, subject to adjustment,
     and is entitled to one vote for each share of common stock into which it is
     convertible. The Series B preferred stock is being sold directly by us.

     The date of this Amendment to Prospectus Supplement is October 11, 2000.