desire / color is namely empty / void

色即是空

即 namely, i.e. 

其 his her its it

色literal: desire, by extension: color

空literally empty, by extension: void

亦also

菩提本无树 Bodhi's roots are not a tree
明镜亦非台  the bright mirror is not a stage
本来无一物 At root is nothing
何处若尘埃 Thus appears this world of dust

Pútí běn wú shù míngjìng yì fēi tái běnlái wú yī wù hé chù ruò chén'āi

欲望yu4 wang4
desire; appetite; libido; lust
desire / longing / appetite / craving (lit. hopeful thirst)

质[zhi4]
character; matter; nature; pawn; pledge; quality; question; simple
hostage / substance / nature / quality / Taiwan pr. zhi2