A multicar elevator system includes a group of individually drivable elevator cars and two shafts coupled to each other with at least two transfer channels. The system further includes a control unit configured to operate the system in either of two operating modes, wherein in the first mode the group of elevator cars is arranged to travel to a first vertical direction in the first shaft and to another vertical direction in the second shaft through the transfer channels. In the second mode, a first sub-group of elevator cars are parked in one of the shafts and at least one elevator car belonging to a second sub-group of elevator cars is arranged to travel in the both vertical directions in the other shaft upon a call.