There is no reason to expect that search engines do anything specific with address
elements. By the specification, such an element specifies contact information for the author of the page (or part of a page), but actual usage of address
is mixed. The best search engines can do with address
markup is to ignore the tags.
A more constructive approach is to use low-level metadata as per Event at Schema.org. However, it seems that search engines use such markup only for major commercial and community sites only, where the markup is generally generated from a database rather than handcrafted.