The Globe and Mail reports in its Monday edition that for more than a decade, very little new space for retail is being built -- a market dynamic that is pushing up rents for retailers and giving landlords such as RioCan an edge. The Globe's Susan Krashinsky quotes chief executive officer Jonathan Gitlin saying, "The supply-demand dynamics, which are huge, that really adds to our ability to drive rents." In its first quarter, which RioCan reported in early May, the REIT saw a record-high blended leasing spread, a measure of how much it has been able to raise rents. Existing tenants who renewed their leases did so at roughly 20 per cent higher rents, on average, while new tenants are paying 58.5 per cent more on average for their spaces than prior occupants. Good for RioCan, but is it good for Canadian retail? A dearth of high-quality space can restrict retailers' options if they seek to expand, and could also deter international banners that might otherwise bring more variety to the industry. RioCan's properties are 98.5 per cent occupied, and despite vacancies in lower-quality properties, availability remains constrained. While RioCan is building some new retail space, it is largely redevelopment of existing sites.