~/Library/Group Containers/UBF8T346G9.Office/Outlook/Outlook 15 Profiles Outlook 2016 for Mac caches your mail items in a profile in your home folder at the following location:
Additionally, using a mail identity or profile that is located on an external hard disk or on a network is not supported in either version of Outlook for Mac. We do not recommend that you change the default location of your Profile folder for Microsoft Outlook 2016 for Mac, or your Identity folder for Microsoft Outlook for Mac 2011 to an external hard disk or to a network. Applies to: Outlook 2016 for Mac, Outlook for Mac for Office 365.Outlook for Mac is a locally cached email client