I have implemented the following workaround for the time being:
I have two Outlook profiles; one with Cached Exchange Mode ON and another with Cached Exchange Mode OFF. Other than that they are identical, in fact I created #2 by copying #1 and only turned cached mode off.
Normally I use the profile with CEM ON, but when I need to manage calendars I switch to the other profile. This is far from ideal, but better than not being able to manage calendars at all.