The following step-by-step guide explains in great detail how to manually reach our goal. Luckily, there is a way to move the Outlook Profile folder away to a different Volume (e.g. a moderately fast SDXD card adapter like TarDisk). That can be troublesome if you have a huge mailbox and not so big SSD in your Macbook. To add insult to injury, Outlook for Mac does not have the 'Mail to keep offline' feature of its Windows counterpart, which allows to select time range of e-mails to keep cached locally. Sandboxing apps that don't need access to the whole file system is certainly a step in the right direction, however in this case it also brings an inconvenient limitation to the Outlook 2016 - it is no longer possible to easily move Profile (previously called Identity) to a new location (e.g. Office 2016 implemented several new OS X's APIs, including Sandboxing (mandatory for Mac App Store apps, which Office isn't).
True to Microsoft's claims, the latest bundle of productivity apps is indeed 'Unmistakably Office, designed for Mac.'.
