If Excel is installed as a Windows Store Application instead of a Desktop Application, the PI AF Client installer doesn't allow PI Builder to be installed. The reason for that is that it can't determine the Excel version through the registry.
PI DataLink faces the same problem, but there you have a workaround by editing the Setup.ini file. See this KCS: "PI DataLink setup kit does not detect Office that has been installed via Windows Store (220739)". This does not appear to exist for PI Builder.
Either a workaround or a genuine solution would be appreciated.