Piccadilly and the Northern Quarter go pretty much hand in hand, and most would say that they class them as the same place.
The area has lots of original architecture, and while there is an element of the modern build, it is far more traditional. The train station is of course on the doorstep and gives excellent access to all areas outside of the city while the tram and the free city buses cover the city centre.
Piccadilly is not generally a party place and is more that of a traditional work area but if you are looking for a party, it is never far away with the Northern Quarter being the closest.
Prices in this area are average and will generally depend on the building and the spec as there are a lot of hidden gems on offer.