noun
orientation of time and place; awareness of the existing situation
A somewhat formal or philosophical term referring to one's grasp of the current circumstances, including both spatial and temporal context. Not an everyday word; more likely to appear in discussions of psychology, sociology, or situational awareness.
高齢者の中には地所観念が薄れ、迷子になる人もいる。
Some elderly people lose their orientation of time and place and get lost.
災害時には地所観念を保つことが重要だ。
During a disaster, it is important to maintain awareness of the existing situation.
Compound of 地所 (place, location) and 観念 (idea, notion, sense). The exact origin is uncertain, but it appears to be a coined term for the concept of orientation to one's surroundings.