This is known possible issue for all versions of Office after 2003, including 365.
Both the bug and the fix should work for any Office application with this issue, but the fix has only been officially confirmed to fix the issue in Excel.
Importing the registry file I've prepared below should resolve the issue.
NOTE: The fix is account specific, so you will have to repeat these steps and add it to the registry for every affected account on the machine.
Using the file for this is much simpler, as shown below:
1. Run RegEdit as Administrator,
2. Go to File -> Import...
3. Select the officenetworkfix.reg file and click Ok.
All Done! You should now be able to open networked files as intended.
Alternatively, you can add these keys manually:
Under "HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Services\LanmanWorkstation\Parameters", add the following three DWORD entries:
1. NAME: DirectoryCacheLifetime TYPE: DWORD (32-bit) VALUE: 0
2. NAME: FileInfoCacheLifetime TYPE: DWORD (32-bit) VALUE: 0
3. NAME: FileNotFoundCacheLifetime TYPE: DWORD (32-bit) VALUE: 0