Is yours a student version? If yes then I can not be sure but commercial version 2016 SP 3 and later support the Office 2016 applications. Therefore, the October 2016 release of Office 365 is supported for use with SOLIDWORKS applications.
Please note that because Office 365 includes the most recent version of Office applications, there may be times in the future when the SOLIDWORKS software does not support Office 365. These will be temporary situations while support for new versions of Office is verified.
This information is per Solution Id:S-072050 from SW knowledge base (accessible to commercial subscription customers).