You can add this line to the end of the DefaultEngine.ini file for the project that multiple users will be working on (just replace "Path=W:" with the location you want). :
[InstalledDerivedDataBackendGraph]
Shared=(Type=FileSystem, ReadOnly=false, Clean=false, Flush=false, DeleteUnused=true, UnusedFileAge=10, FoldersToClean=10, MaxFileChecksPerSec=1, ConsiderSlowAt=70, PromptIfMissing=true, Path=W:, EnvPathOverride=UE-SharedDataCachePath, EditorOverrideSetting=SharedDerivedDataCache)