concept build directory in category system administration
appears as: build directory, build directory, build directories, build directories

This is an excerpt from Manning's book Team Foundation Server 2008 in Action.
Topology and configuration of build agents and Team Build service— A build agent represents an instance of the Team Build service that can generate builds. Learn how to create build agents and configure various properties (such as security, build directory, and communication port) to suit your build environment.
In TFS 2005, you could specify the build directory when launching a build. In TFS 2008, the build directory path is a property associated with a build agent (see figure 2.3 displayed earlier), and can’t be specified at runtime.