Is there an option to update asset location?

Asset locations can be identified from the Asset status field under the Info tab of the Metadata widget.
Users can also update the asset file location of all the archived assets under a project using Update asset location feature. 

You can use this feature to know to which tape an asset got archived to. Tape barcode gets displayed as asset status under the Metadata tab. Suppose if a tape goes offline, user can easily identify with the tape barcode and put that tape back online using this Update Asset Location feature.