You should be able to change the OneDrive default location, after setup, through user preferences but there's a good chance your corp. will be managing Office user preference keys if they're using any form of MDM (Jamf, Intune etc), so changes
might not be persist and if it's the standalone version, location changes can be disabled (iirc).
But purely for reference, and if it's standalone version (App Store differs slightly), you should be able to change it via cli/Terminal using (fully close OneDrive first before deploying the command) -
Code:
defaults write com.microsoft.OneDrive DefaultFolderPath -string "~/Documents"
Where "~/Documents" is the PATH your want to set it to.
And to read it (worth doing this first in case you need to revert) -
Code:
defaults read com.microsoft.OneDrive DefaultFolderPath
And it's worth having a read of the Macadmins (
https://macadmins.software) site and the MS Office preference list (
https://docs.google.com/spreadsheets/d/1ESX5td0y0OP3jdzZ-C2SItm-TUi-iA_bcHCBvaoCumw/edit#gid=0) as well as info around the
defaults cli command (
https://pawelgrzybek.com/change-macos-user-preferences-via-command-line/) and/or editing the Office .plist file directly (
https://docs.microsoft.com/en-us/onedrive/deploy-and-configure-on-macos).
Obviously, use at your own risk as some of the MS Office preferences can butcher an install.