Change default location for pst and ost files

I’d like to keep all my Outlook data in a different folder than Outlook uses by default. I therefore have moved the pst-file that Outlook automatically created to my custom folder.
I also have some additional pst-files in that folder which I occassionally use (and disconnect afterwards). However, Outlook keeps going to the default location when trying to create or add a pst-file.

Is there any way I can change the default to my own location?

Personally I’d like to keep my pst-files in a folder called Outlook which is a subfolder of the My Documents folder. In order for Outlook to default to that location, you can make the following change in the registry;

Key: HKEY_CURRENT_USER\Software\Microsoft\Office\<version>\Outlook
Value name: ForcePSTPath
Value type: REG_EXPAND_SZ
Value: path to your storage folder

As the Value you give the path to the folder where you want to keep your pst-files. You do not need to use quotes for this path, even if it contains spaces.
Example; D:\My Documents\Outlook

Outlook will now use this path by default when creating a new pst-file or when connecting to an existing pst-file.
Changing this key does not move any existing connected pst-files to this path; you’ll have to change that manually.

Using Exchange
If you are also using an Exchange account, then modifying this registry key will also save any newly created ost-files in this location. If you want to set a different location for ost-files, then you’ll need to add another registry key;

Key: HKEY_CURRENT_USER\Software\Microsoft\Office\<version>\Outlook
Value name: ForceOSTPath
Value type: REG_EXPAND_SZ
Value: path to your storage folder

Using IMAP and the Outlook Connector
Adding these registry keys will not affect the default location for newly created pst- and ost-files for IMAP and Outlook Connector accounts. There are currently no reliable methods to change the location of the storage files for those accounts and it is recommended to leave them in the existing location.

Note: Do not set the path to a network location as this is not supported nor recommended by Microsoft as it could lead to slow performance, data corruption or even data loss.