The story
From local + volume from being the volume of space in which we exist (that which is local to us).
Etymology from Wiktionary, CC BY-SA 4.0.
Local Volume
Today it means: the volume of space around the Milky Way Galaxy out to a distance of approximately 10 megaparsecs or 35 million lightyears away or out to a cosmological redshift recessional radial velocity of 550km/s or z<0.002 Full definition →