Using this phrase can suggest arrogance, inappropriate in formal or unfamiliar settings. His first day at work, and he's already acting as if he owns the place.
Pro Tip 2/3
Assertive Tone
It can express admiration for someone's confidence when used positively. She walked in and acted as if she owned the place, impressing the judges.
Pro Tip 3/3
Metaphorical Use
Not literal ownership but a metaphor for displaying dominant behavior. He's not the boss, but he behaves as if he owns the place.