Teams has already had the option of specifying the work location via Office or Remote for a few weeks. The calendar in Outlook on the web also includes this option.
In Outlook on the Web it is possible to specify the work location per day and time, and if required, several locations on one day.
In the Outlook calendar of the person icons indicate where the person works.
In the scheduling assistant Outlook symbolizes the location per person in the overview. If a person has deactivated the option for location the information is not visible.
The feature should follow for the Outlook desktop apps until the end of the year.
According to Microsoft the information should be synchronized with Teams too. The function is not yet active in my Teams client. I still have to set the location manually in Teams. The location information is missing in the new Teams client.
Update from 17. June 2023:
The rollout is planned until the end of August.