If you want to change the local path for the working directory of the Team Foundation Server (TFS), you need to go to File -> Source Control -> Workspaces, then select your workspace (it should match your computer name) and click Edit.
In the next dialog change the mapping for the root TFS node to the new location on your hard drive.
Important! You need to perform a “Get” on the whole TFS tree to update project associations.
VS 2013 the path is: File | Source Control | Advanced | Workspaces…