The default Asset Register application allows you to create sites, buildings and locations of where your assets reside. Once created, you assign a location to your assets.
If you need to be more specific about the asset's whereabouts, simply create new locations within those buildings. You can even create child locations to provide even more detail.
As an example, If you wanted to list an electrical equipment, you might create a site called Site 1. Then you would create a building which may be called Main Building. This may be sufficient, but if required, you could then create a location called Room 1, which belongs to Site 1.
As you can see, this provides all the flexibility you need.