Fastest way while the account still works is exporting from Outlook on the web, since it needs nothing installed and produces a file your personal Outlook imports directly.
1
Sign in at outlook.office.com, open the People app from the launcher grid.
2
On the toolbar choose Manage, Export contacts, select All contacts and download the CSV.
3
Copy the CSV to your personal machine.
4
In your local Outlook: File, Open and Export, Import/Export, Import from another program or file, Comma Separated Values, target your Contacts folder and finish. The headers map automatically since both ends speak Outlook's CSV.
If you also have the desktop Outlook connected to the 365 account somewhere, the alternative is exporting straight to PST: File, Open and Export, Export to a file, Outlook Data File with only the Contacts folder ticked. The PST route additionally carries contact photos, which the CSV drops. Do either one before IT disables the account, once sign in dies both doors close.