Asking rents for lab space in two of the highest-priced local submarkets – Cambridge and Boston’s Seaport District – dipped in the second quarter amid an uptick in subleasing activity.

Vacancies remained tight at 1.3 percent, but rose from 0.8 percent the previous quarter in part because of subleases hitting the market, CBRE reported. Disruption in financial markets and a slowdown in venture capital funding have curtailed the rapid expansion of the industry this year and resulted in layoffs at more than 20 local companies.

Average asking rents in Cambridge declined 0.9 percent to $118.84 per square foot on a triple-net basis, while Seaport District rents decreased slightly to $110.03 per square foot, according to CBRE.

Despite the headwinds, the Greater Boston market recorded a record 3.1 million square feet in leasing activity and 2 million square feet in positive absorption, driven by large pharmaceutical companies’ expansion.

Big leases by Astrazeneca in Kendall Square and Vertex Pharmaceuticals in the Seaport District topped the a list of seven deals over 100,000 square feet in Greater Boston.

“Despite significant leasing absorption during Q2, the market is showing signs of challenges ahead. Demand by mid-size, private companies showed a decline during Q2, the public biotech market has been on a down swing since early 2021 and the frenzy in the private markets has begun to cool with new company formation slowing, climbing interest rates and venture capital funding seeing a drop from its record year in 2021,” CBRE researchers Suzanne Duca, Connor Channell and Jake Smith wrote.