Sometimes the problem might be caused by the Outlook Profile folder being stored at the wrong place.
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It will check and automatically install the updates. To update, just simply open Microsoft Outlook, select Help and then select Check for updates. The issue is usually solved by updating your Microsoft Office as well. Make sure that you have all the latest updates of office.
So wait until the indexing is complete and then try again. It takes some time to add newly imported data to Spotlight index.