unreal with external content folder

Hi all. we use unreal for architecture and interior design visualizations. I would say that we achieve very good results for our purposes, but we still see ourselves as beginners. Our problem is that we already have a large amount of assets (materials, textures, furniture, etc. etc.). To the actual question: We load individual objects from the server into the project’s content folder. This soon exceeds the hard disk capacity for each project. Is it not possible to serve the content from an external hard disk, for example, so that the projects access the library and not every project in the content folder has duplicates of the library? In other words, a local “content” library on an external hard disk, for example, and not in each individual project?

is this even possible? Thanks for all your help, Best Rico