This is a Windows Installer error. It could be a few issues, mostly permissions.
You had mentioned that you used an administrative command prompt, it still may be worth to right click the installer and run as administrator. (though it really should do the same thing)
Otherwise I would follow the tips mentioned in the answer here: https://superuser.com/questions/1069513/installation-directory-must-be-on-a-local-drive-msi-install-error