After following these instructions, the missing folders reappeared as sub-folders in the Inbox folder within On My Computer. The emails within the missing folders could still be found using the search function within Outlook, but it was irritating not being able to navigate to specific folders. This worked for me! After restoring from Time Machine, all the folders I had archived locally in 'On My Computer' vanished. If anyone goes this route, make sure you backup the Main Profile folder, just in case. Not exactly an elegant solution, but all of his archived mail was brought over with the rebuild. This forced Outlook to detect an issue and do an auto rebuild. ~/Library/Group Containers/UBF8T346G9.Office/Outlook/Outlook 15 Profiles/Main Profile/Data and deleting the Outlook.sqllite file. And for whatever reason Outlook would not detect there was an issue and offer to rebuild the profile. Creating a new profile would not solve his issue.
We had a user whose profile was corrupted and had archived mail locally on their computer. This is an old post, but we just ran in to this issue.