The most common and most likely answer to this crossword clue is the 5 letter word POSIT
I've seen this crossword clue in The Times
P
O
S
I
T
More clues leading to the result POSIT
Buddy explains!

The straight part
We know that "Place" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case place = posit.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does POSIT mean?
POSIT noun- Something that is posited; a postulate.
- Assume the existence of; to postulate.
- Propose for consideration or study; to suggest.
- Put (something somewhere) firmly; to place or position.
- A place or location.
- A post of employment; a job.
- A status or rank.
- An opinion, stand or stance.
- A posture.
- (team sports) A place on the playing field, together with a set of duties, assigned to a player.
- An amount of securities, commodities, or other financial instruments held by a person, firm or institution.
- A commitment, or a group of commitments, such as options or futures, to buy or sell a given amount of financial instruments, such as securities, currencies or commodities, for a given price.
- A method of solving a problem by one or two suppositions; also called the rule of trial and error.
- The full state of a chess game at any given turn.