Address book exchange 2016 not updating
The file location is correct and shows where the current OAB files are.I verified the file location manually but also noticed the date discrepancy (the blue rectangles in the above image) which shows the date the attempted download was made (upper left) and the date of the files (lower right).
Outlook 2011 does not use Exchange Cached mode and directly connects to the Global Address Book (GAL) via LDAP connection.
In this case your global address book will update each time Send/Receive is pressed. There are a lot of resources to help you become familiar with Office 365.
Check out Microsoft's FAQs for Office 365 (https://support.office.com/).
In Cached Exchange Mode, Outlook 2007 & 2010 downloads a local copy of the Global Address List (GAL), but only updates it every 24 hours.
In order to reflect any changes or updates made to the Global Address List, you can force Outlook to download a new copy of the GAL.