Hi Vikas,
Based on my investigation, it is not feasible to change email storage location in Outlook 2011 for Mac.
The default location is: ~/Documents/Microsoft User Data/Office 2011 Identities (~/ representing your user folder). If we move it, Outlook data will be completely lost and will start fresh with a blank new identity in the default location.
When we configure accounts in Outlook 2011 for Mac, everything will be storaged in this default location.
In addition, Outlook for Mac doesn’t use .PST files ( which are used in Windows ) to save email data. Instead, it uses .olm file or .mbox file.
For detailed information, we have a dedicated support channel to deal with Outlook for Mac. You can contact our Outlook for Mac Forum via the link below for further assistance:
Thanks,
Chris Ni