Thanks for your feedback – this is something that we are working on and will be available shortly in the new outlook.com UI. (https://blogs.office.com/2015/05/21/new-ways-to-get-more-done-in-outlook-com/?linkId=14413035) Stay tuned.Simon Gillespie commented
Use Google Maps. Mobile Outlook incorporates this feature already.
To do it in Desktop Client Outlook type the Google MAPS url followed by the Postcode/zipcode and add to Meeting text. Not ideal but works