I believe this is not necessary a problem with either Boost C++ Libraries or Boost.Build, but rather with VS installation. The error comes from vcvars64.bat:
@call "%VS120COMNTOOLS%VCVarsQueryRegistry.bat" No32bit 64bit
@if "%VCINSTALLDIR%"=="" goto error_no_VCINSTALLDIR
...
:error_no_VSINSTALLDIR
@echo ERROR: Cannot determine the location of the VS installation.
Where the VCVarsQueryRegistry.bat script does something like
@for /F "tokens=1,2*" %%i in ('reg query "%1\SOFTWARE\Microsoft\VisualStudio\SxS\VS7" /v "12.0"') DO (
@if "%%i"=="12.0" (
@SET "VSINSTALLDIR=%%k"
)
)
What does your registry have, under both HKLM\SOFTWARE\Microsoft\VisualStudio\SxS\VS7
and HKCU\SOFTWARE\Microsoft\VisualStudio\SxS\VS7
? In any case, it sounds like incomplete VS installation at this point.