User Configuration > Administrative Templates > Microsoft Outlook 2016 > Account Settings > E-mail
User
HKCU\software\policies\microsoft\office\16.0\outlook\cached mode
This policy setting allows you to specify a path to save the Offline Address Book. This policy setting will apply to all Microsoft Exchange accounts. If you enable this policy setting, you may specify a path to save the Offline Address Book. If you disable or do not configure this policy setting, Outlook will save the Offline Address Book in %LOCALAPPDATA%\Microsoft\Outlook.