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In this article from 2010, it says it doesn't. http://social.technet.microsoft.com/wiki/contents/articles/clients-that-support-the-exchange-2010-personal-archive.aspx
Thanks for the feedback.
So far, this feature isn't available in Outlook 2011. Moreover, we didn’t receive any information about when this feature will be enabled in Outlook 2011.
In addition, we also welcome you keep an eye on the forum. Once there are updates of the issue you mentioned, we will publish them in the forum.
Thanks for understanding,
Like Claud mentioned. so far this feature is not availble for Mac user. I am sure that Microsoft is working hard on the issue and hope that the service would be available to Mac user soon.
Do you need other assistance about using Office 365?