An operator space is called completely locally reflexive [EJR98, §1], if to each finite dimensional subspace there is a net of completely contractive mappings that converges to the embedding in the point weak topology.53
This property is inherited by arbitrary subspaces. In general it is not preserved by quotients. In the case that for example the kernel is an M-ideal (e.g. the twosided ideal of a -algebra) and that the original space is completely reflexive we have that the quotient space is completely locally reflexive [ER94, Thm. 4.6].
Banach spaces are always locally reflexive (Principle of local reflexivity [Sch70]).
On the contrary, not all operator spaces are completely locally reflexive. For example the full -algebra of the free group on two generators and are not completely locally reflexive [EH85, p. 124-125].
An operator space is completely locally reflexive, if and only if one (and then every) of the following conditions is satisfied for all finite dimensional operator spaces [EJR98, §1, 4.4, 5.8]: