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What does at a premium mean?

Looking for the meaning or definition of the word at a premium? Here's what it means.

Prepositional phrase
  1. (finance) Above par value.
  2. At a high, or higher than expected, price.
  3. Scarce, in short supply.
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Examples
With driving time at a premium, modern carriages and synthetic harnesses make life a lot easier.
In today's cramped data centers, real estate is at a premium, and maximum storage density is a necessity.
Lastly, if your dairy has grown up in the city, developable land within a country mile of it is scarce and trading at a premium.
With space at a premium in the tiny nation, futsal has flourished and Bahrain are steadily building up a high-quality national team.
We have added seven players, the gaffer has freshened things up and kept competition for places at a premium.
Rain, when driving talent is at a premium, has been a great leveller for the young driver in his elderly car.

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