Short version:
With this update, you can create an out of office message from within Microsoft Teams desktop or Microsoft Teams on the web. This out of office message will sync with your Outlook calendar, presence, and contact card information. Rollout will begin early May and is expected to be complete by the end of May 2021.

Details:
With this update, you can create an out of office message from within Microsoft Teams desktop or Microsoft Teams on the web. This out of office message will sync with your Outlook calendar, presence, and contact card information.

There are two ways to access the Out of Office setting:

1. Access the Out of Office setting through the “Set status message” panel accessible from your profile image:

2. Access the Out of Office setting through the Teams application settings accessible from your profile image.

Availability:
Rollout will begin early May and is expected to be complete by the end of May 2021.